TECHNICAL ANALYSIS OF EURCAD.

EURCAD H4

EURO HAS BEEN STRONG SINCE LAST YEAR, HOWEVER TECHNICALLY IT SEEMS THE OLD MAN IS ABOUT TO TAKE HIS BATH. MARKET IS BEARISH, 21 BELOW THE 55. PRICE HAS OPENED AT WM2/MS1 PRINTING A LOWER LOW. RESISTANCE IS AT WPP/MM2/WM3 WHICH IS ALSO THE FIB ZONE SWEET SPOT. STOCHASTICS IS OVERSOLD. OPENING AT WM2 GIVES BULLS AN OPPORTUNITY TO BUY WITH A TARGET OF WM4 IN MIND. BEARS ON THE OTHER HAND A WAITING FOR A PULL BACK TO RESISTANCE BEFORE CONSIDERING A SHORT POSITION.

EURCAD H4 POST TRADE PLAN

GOING SHORT AT ROLE REVERSAL RESISTANCE WAS THE PLAN. HOWEVER THAT FELL APART AFTER BULLS TOOK PRICE FROM WS1 TO WR1. NEXT TIME I SHOULD HAVE A FUNDAMENTAL BIAS AND NOT JUST PULL THE TRIGGER. TECHNICALLY THE TRADE MADE SENSE.

Leave a Reply