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EURCAD kept making lower lows on the Daily chart. The price seems to have found a support level, thus it has been on a consolidation. There is a level, which has the potential to be a good level of resistance. If the level is held and produces a Daily Engulfing bearish candle, then selling the pair would get us some green pips.
EURCAD Price Action Analysis – 14th Sept 2017
Have a look at the bearish ride and at the breakout at 1.45765. The price seems that it is having an bullish correction on the small time frames. If the daily chart produces an Engulfing Bearish candle right from that level, then there would be huge selling pressure as far as this trade setup is concerned. Let us have a look at the summary of the trade…- Sell Stop Order: 1.44700
- Stop Loss Level: 1.45800
- Take Profit Target: 1.41600
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Our usual trade setups are done on the H4 or H1 chart. However, this trade setup is on the Daily chart. Thus, traders have to be very patient with this one once the trade is triggered. This trade might need 5 to 10 trading days(or even more) to hit the take profit target. Another thing that traders should remember that they had better use a smaller trading lot than their usual trading lot on this trade. This would help them psychologically to be strong enough to let the trade run for more time. This would eventually help the trade setup hit the take profit target as well.
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We hope that you enjoy our Free Forex Trading Signal today. EURCAD Price Action Analysis – 14th Sept 2017
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