As many of you already know, I’ve been doing dome tests with a new entry system.
What I like about this system is that it finds a reason (a very clear one), to go long/short when I’m bullish/bearish.
And what I like the most: the simplicity. All signals are as clear as water. Here is the EURCAD chart:
Entry System, EURCAD Analysis, forex
Earlier this morning the German court backed ECB rescue fund (with a liability cap), and let me tell you something, it was definitely good for the markets.
It’s been two good announcements in row now, now we only have one more to go, and it is tomorrows FOMC statement and economic projections… and based on what we have been getting lately, I definitely think we are going to get a another good statement. We’ll see tomorrow.
This also has been good for most EUR crosses, I’m looking for long opportunities on most of them. Here are a few:
Since last week that the EURUSD broke through an important resistance:
EURCAD Analysis, EURUSD Analysis, forex
Hope you all had a great weekend! And good luck in the week ahead! How do you see the market this Monday? I thought it wasn’t that bad, there are a few opportunities plus plenty of currency pairs are trading in a short term range, I just need them to break the range before I start looking for trade opportunities.
One of the pairs that I’m currently watching is the EURCAD, from the long term charts, its clear that it is in a bearish condition, therefore short opportunities are in play! On the short term charts, it is trading in a short term range, but since we are already in a bearish condition, its ok to look for short opportunities, here is the short term range:
I’d like to see the EURCAD retracing back to the ST resistance level and if it forms a significant pattern with downward pressure, I’ll definitely go short.
One important note: It needs to trade below the ST resistance level in order to be considered bearish, if it breaks this level up, I’ll forget about looking for short opportunities.
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EURCAD Analysis, forex, trading