HELLO TRADERS, THIS IS MY TRADE PLANS BASED ON TECHNICAL ANALYSIS.

EURCAD DAILY

MARKET IS SIDEWAYS. PRICE OPENED AT MM4 RESISTANCE AT THE START OF THE MONTH WHICH COINCIDED WITH 1.500 PREVIOUS SUPPORT TURNED RESISTANCE. STOCHASTICS IS HEADING SOUTH WHICH INDICATES BEARS PUSHING PRICE FURTHER DOWN TOWARDS OVERSOLD CONDITIONS. MM4 PIVOT TARGET FOR BEARS IS MM2.

EURCAD H4

55 ABOVE THE 21 INDICATES A BEARISH MARKET. 8 SMA ABOVE THE 5 SMA INDICATE PRICE IS BEARISH. RESISTANCE IDENTIFIED AT WM3 WHICH COINCIDES WITH MR1. PRICE HAS BOUNCED OFF THE 55 DYNAMIC RESISTANCE WHICH PREDICTS A DOUBLE BOTTOM. SUPPORT IS AT WM2 & STOCHASTICS IS ABOUT TO CONVERGE TO HEAD SOUTH. MY PLAN IS TO ADD ANOTHER SHORT IF PRICE BREAKS WM2 SUPPORT TO THE DOWNSIDE AND PULLS BACK FOR THE RETEST AS RESISTANCE, KEEPING IN MIND THAT PRICE COULD PRINT A DOUBLE BOTTOM AFTER THE BOUNCE OFF THE 55.

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