EURCAD potential short for short term fib strat
Good day all!
Disclaimer, I am a learning trader and please trade at your own risk given any analysis by me.
EURCAD 1H Charts
Potential short position for short term
Strategy: Fib strat.
Confluence 1: Inner uptrendline broken
Confluence 2: Inner up trendline broken which leads to retest of the backside of uptrendline .
Confluence 3: Retest of the backside of inner uptrendline is lower than previous structural high which singifies higher probability to go down.
Confluence 4: Price gave multiple upper wicks
Confluence 5: Potential lower high created which means price may be respecting this new downtrend line
Confluence 6: Price rejecting at golden zone of 71-78 fib retracement
Confluence 7: Price have not pulled back for consecutive 6 weeks in weekly charts.
Things that i am unsure of:
1: Where to take profit location as price is still in uptrend, outer uptrend line shown. (As the higher time frame trendline is higher of significance than lower timeframes)
Things to take note:
1: Given the situation, i would take profit when price is near the outer uptrendline. If price shows signal of respecting it i will switch to long. Again (As the higher time frame trendline is higher of significance than lower timeframes).
2: If price gave strong momentum with huge bearish candles i will TP at 61.80% extension to play safe.
Feedbacks are welcome!!!!!!!
Good luck all
Goodnight!
Disclaimer, I am a learning trader and please trade at your own risk given any analysis by me.
EURCAD 1H Charts
Potential short position for short term
Strategy: Fib strat.
Confluence 1: Inner uptrendline broken
Confluence 2: Inner up trendline broken which leads to retest of the backside of uptrendline .
Confluence 3: Retest of the backside of inner uptrendline is lower than previous structural high which singifies higher probability to go down.
Confluence 4: Price gave multiple upper wicks
Confluence 5: Potential lower high created which means price may be respecting this new downtrend line
Confluence 6: Price rejecting at golden zone of 71-78 fib retracement
Confluence 7: Price have not pulled back for consecutive 6 weeks in weekly charts.
Things that i am unsure of:
1: Where to take profit location as price is still in uptrend, outer uptrend line shown. (As the higher time frame trendline is higher of significance than lower timeframes)
Things to take note:
1: Given the situation, i would take profit when price is near the outer uptrendline. If price shows signal of respecting it i will switch to long. Again (As the higher time frame trendline is higher of significance than lower timeframes).
2: If price gave strong momentum with huge bearish candles i will TP at 61.80% extension to play safe.
Feedbacks are welcome!!!!!!!
Good luck all
Goodnight!
Nota
Readjusted downtrendlineNota
SL hit trade closed
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.