Hey traders! How is everything?
You know every morning I scan the markets and look for the currencies that have:
- Clear swings
- Clear S&R levels
- And a good profit potential
One of them is the EURCAD…
Here is my analysis…
EURCAD Long Term Analysis
The first thing that you should do is look at the daily or weekly chart and see if it is more likely to move up or down.
In this case, its clear that it is likely to continue its way down, see it for yourself:
Which means that the EURCAD is trading in a very clear bearish condition and it is likely to continue is way down…
Therefore I’m going to be looking for short opportunities.
EURCAD Short Term Analysis
Now, the tricky part is, where to get in the market.
Let me show you what the short term charts look like:
Focus on the yellow rectangle… what do you see?
If you said pressure you are right then… So there is a possibility to take a trade based on that pressure.
Or if you feel more comfortable taking breakout trades, you can set your entry order at:
Entry stop order: 1.4237
Or, you can trade both of them… which is just what I’m doing.
What do you think about the EURCAD? Are you going to trade it?
Are you going to take both signals or just one of them?
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I’ve been trading the markets for more than 15 years. I believe the best way to trade is by adapting to the market conditions. You can learn it too, join our community .