Categories: Forex Education

Great sell opportunity forming in EURCAD

Pair completed a false break on the daily chart right on the down trend line and there is also bearish divergence. Furthermore on the H4 chart we can see that the pair made a strong push down and we can expect continuation in the same direction. Dropping to the H1 chart, there was an up trend line that was broken so now we can look for corrections up to go ahead and sell. Ideally we want to see a double wave correction up to the broken trend line on the M15 chart and then go short.

Technical Analysis:

D1 – false break of the down trend line and bounce, bearish divergence

H4 – potential first leg down

H1 – up trend line broken

Entry:
M15 – Look for double wave correction up near the broken H1 trend line in order to go short.
Target 1: 1.3800
Target 2: 1.3730
Stop Loss: above 1.3960

Video Explanation:

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.