Why I'm selling EURCAD
Hello Trades!!! I've been watching EURCAD for a while after missing the breakout of the head and shoulders I was waiting patiently for a continuation set up
As you can see this is a valid head and shoulders followed by a breakout.
Not so long after the breakout the market started to create a triangle pattern ( I believe a triangle is a neutral pattern but with the circumstances we are facing this might be a continuation)
Another thing that sparked my interest on this trade is this Pivot which is in the right spot considering that I want to short this position( Generally you want to go short when the market is below the pivot) This pivot can be used to put our stop loss
As you can see here putting our SL behind the pivot and our TP at the nearest resistance gives us a RRR of 2.5 Which is what I usually aim for
Looking at these 2 highs we can see a wonderful divergence showing us that more and more buyers are closing their positions.
As you can see this is a valid head and shoulders followed by a breakout.
Not so long after the breakout the market started to create a triangle pattern ( I believe a triangle is a neutral pattern but with the circumstances we are facing this might be a continuation)
Another thing that sparked my interest on this trade is this Pivot which is in the right spot considering that I want to short this position( Generally you want to go short when the market is below the pivot) This pivot can be used to put our stop loss
As you can see here putting our SL behind the pivot and our TP at the nearest resistance gives us a RRR of 2.5 Which is what I usually aim for
Looking at these 2 highs we can see a wonderful divergence showing us that more and more buyers are closing their positions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.