Categories: Technical Analysis

Short opportunity forming in EURCAD

EURCAD is clearly moving inside a channel and we will try to profit from the potential move down once the pair reaches the levels we want it to. If it manages to push higher and complete bearish divergence around the top of the channel along with bearish candle pattern we will be selling. Keep in mind there are news from Canada today so it is better to trade afterwords.

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Technical Overview:
H1 – bearish channel, potential bearish divergence

Entry:
H1 Aggresive – Wait for price to push higher and complete bearish divergence along with bearish candle pattern which will give us a trigger for a sell
Target 1 – 1.3920
Target 2 – 1.3770
Stop Loss – above last high created

H1 Conservative – Break below the support zone around 1.3960 and we can go for a sell
Target 1 – 1.3820
Target 2 – 1.3700
Stop Loss – above the broken support

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.