Price has formed a Monthly Source Supply and a Quarterly Destination Demand and now we have a downward confirmation in Weekly with a Supply fomed which also has a Deviation from the EMA which indicates a very strong imbalance in the Price Action.
FX:EURCAD
As you can see that (For MONDAY 17-07-2023), EURCAD has created Double top pattern in 15Min Time frame at the important resistance level. If it breaks the drawn neckline, we can go for sell side and capture some pips. Always go for retest entry to avoid fake Breakouts. Plan your trade accordingly....
FX:EURCAD
As you can see that, EURCAD has formed Flag and pole pattern, and it is going to give a 3 touch point horizontal breakout. If the candle closes properly without wick in 5 min or in 15 min we can plan for buy side. Take retest entries.. Plan your trade accordingly...
What do you all think about this setup ?
38 pipes Risking for 85 pipes of reward, if the price move as according we can see EURCAD falling till 1.34800.
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Disclaimer!
This post does not...
Read the chart thoroughly, let me know your thoughts.
Potential up movement is expected from EURCAD since cot data shows eur is up by 10k and cad is down by 3k if this week closes at same conditions then next week this pair can be capitalised.
Stay notified for perfect entry next week.
All The Best!
Condition:-
1. Price reached monthly/weekly/daily resistance level
2. Price reaching previous demand area
3. Monthly price reached 0.382 Fibonacci level
4. COT - 1. EUR ⬆️ 2. CAD ⬇️
Entry:-
1. All the important prices are labelled in the chart
2. Study the chart precisely
3. Enter on 4hr
4. Enter when MACD and 10&20 ema go down
ALL THE BEST!
