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Eurcadlong

Inverted H&S breakout likely: enter after 4H candle sustains.EURCAD is trading close to the neckline of the head and shoulder pattern on the 4H chart. As soon as we get a single 4h close above the neckline, we enter a buy trade with stop loss at 1.45501 which is the approx depth of the shoulder. The up move in the pair is also supported by the daily candlestick pattern that formed a bullish engulfing pattern two days back. Now for the targets, the first one is at 1.47671 and the second is at 1.48350. The path of the price can be either blue – blue arrow (straight upwards) or Blue – orange – orange – orange arrow (a little consolidation after the accomplishment of first target). Either way, we are aiming for the 1.48350 level.
Long
by forexnoobmaster007
A trading opportunity to Buy in EURCADMidterm forecast: While the price is above the support 1.4750, beginning of uptrend is expected. We make sure when the resistance at 1.5115 breaks. If the support at 1.4750 is broken, the short-term forecast -beginning of uptrend- will be invalid. Technical analysis: The RSI bounced from the resistance #1 at 48 and it prevented price from more gains. A peak is formed in daily chart at 1.5060 on 02/14/2019, so more losses to support(s) 1.4820 and minimum to Major Support (1.4750) is expected. Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains. Relative strength index (RSI) is 41. Trading suggestion: There is possibility of temporary retracement to suggested Buy Zone (1.4820 to 1.4750). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone. We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets. Beginning of entry zone (1.4820) Ending of entry zone (1.4750) Entry signal: Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone. To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons : Take Profits: TP1 = @1.4915 TP2 = @1.5010 TP3 = @1.5115 TP4 = @1.5285 TP5 = @1.5450 TP6 = @1.5640 TP7 = @1.6150 TP8 = Free
Long
by ForecastCity
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