Categories: Technical Analysis

Anticipating the break of the triangle in EURCAD

Pair did a great job as per our expectations and is now consolidating. We have a double scenario setup for the EURCAD today as there is a triangle forming on the H1 chart. We will join the next move once the triangle is broken either with a sell or with a buy. You can find a video explanation of this trading setup at the bottom of this post.

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Technical Overview:
H1: Triangle formation

Entry:
M15: Once the break happens either up or down wait for the price to retrace close to the broken trend line and enter.
SELL SCENARIO:
Target 1: 1.4000
Target 2: 1.38
Stop Loss: 1.41

BUY SCENARIO:
Target 1: 1.4200
Target 2: 1.4250
Stop Loss: 1.4125

Video Explanation:

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.