Disclaimer : This is not investment advice. Past performance is not an indicator of future results.
Hi Traders! EURCAD buy opportunity update and follow up is here. In the previous post here I mentioned “On the H1 chart we have a bullish divergence that has formed which we may consider as an evidence of bullish pressure. We also have a good downtrend line that has formed, if we get a valid breakout above this dynamic resistance we may then start looking for buys with more bullish evidences. If you want to be more conservative then wait for the price to break above the high shown in the screenshot, we may then start looking for buys with more bullish evidences”. Lets see how this setup has developed now.
EURCAD H1 Chart:
On the H1 chart the price moved exactly as per our plan, the price moved higher and provided a valid breakout above the downtrend line and the last high as we expected. Both conservative and aggressive entries paid, we have collected good profits with this trade so far.
[playbuzz-item item=”5577b649-7b81-4ba0-9a3e-3ac8c1e8ebd2″ wp-pb-id=”472456″]
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
Not sure how to spot reversals (bounces)? Not sure how to spot breakouts?
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Chief Trader at Traders Academy Club