2016-03-31_01-25-45eurcad

Hello dear all,

Just a quick idea for all people that like to trade the CAD.

Previously price has been coming down and is resting in a zone now.

The area can be defined as a range between 1.48550 and 1.45800.

Once again I like to wait for price to tell me which way it wants to go and will be waiting for a closing candle over or below the range.

Once this happens I will switch to a smaller time frame to fine tune my entry.

You might enter on a canlestick reversal pattern or take a 5/8 moving average cross in direction of the outbreak on the smaller frame.

I like to let my trades run until price action tells me to get out. This would mean a double top, bottom or 123 pattern forming against my trade direction.

BEST OF PIPS

One thought on “Sideways Market for the EURCAD 4 hour Chart”

  1. Ryan Gandalf van Jaarsveld says:

    Thank you Nuno – once again you point my attention to a pair I don’t usually trade which is great. Interesting thought – if CAD is strong and Euro is strong then we need to look out for a weak Euro or a weak CAD before getting into some really great trading opportunities on this pair, right? Perhaps CAD does go up – plenty of technical reasons for it to do so, of course that means oil goes down, again plenty of technical reasons for it to do so. Alternatively dollar strengthens and therefore Euro weakens or we see some weak data out of Europe today… Perhaps tomorrow’s NFP data points to a strong dollar? Personally nothing on the H4 time frame for this pair makes me want to jump into trading this. If indeed something changes on either CAD or Euro and I see a new trend of strength or weakness starting then yeah I am in – though I want to see something that has legs. What I would like to see is a strong dollar – going back to Yellen’s speech the Fed are concerned about the volatility in the oil market. Ok – so oil stabilises or rises and this gives CAD strength. Strong oil = happy Fed = strong dollar = weak Euro… Strong CAD with weak Euro = EURCAD bear 🙂 EURJPY on the other hand – now there is a pair that’s doing something nice… Strong Euro, weak Yen – nice bull breakout on H4 with the pair currently sitting at the bull weekly target… I am looking forward to seeing what the Yen pairs do in the new month… Of course if they start dropping then that would be indicative of risk off sentiment which could also move EURCAD if the risk is due to a fall in the oil price…

    Nuno I think I may have mentioned before I am new to trading so please excuse me if the way I think is completely incorrect. If you find that there are issues with how I see things please feel free to point them out. I am very eager to learn from everyone on this site. You guys are amazing and I sincerely appreciate everything you do. Have a great day bud!

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