EURCAD: A Good Sell Opportunity After a Period of Correction

2022年5月10日

EURCAD has been trending down and made a new yearly low at 1.3400 level back in late April. During last two weeks, the price has corrected, reaching the previous resistance level of 1.3760. We can see that from this level, many strong rejections have occurred and then ultimately sent the prices to new lower lows.

In one hour chart, we can see that the price has broken down from a double-top pattern, followed by a strong bearish impulse candle. Same scenarios have occurred in the past at this resistance level. We are looking to enter sell positions after a retracement back to the neckline area of the double top.

2022年5月10日

交易开始

Sell position entered: 1.37350
SL: 1.37850
TP1: 1.3600
TP2: 1.3540 or the previous bottom at 1.3400
Risk 1%

2022年5月10日

注释

If the chart is hard to see, please zoom in the chart :)

2022年5月11日

注释

We took a partial profit (65 pips) at 1.3670

2022年5月12日

注释

We took another partial profit at 1.3570 (165 pips)
As for the rest of the position, SL is set at break even and target is set at the yearly low of 1.3400.

2022年5月12日

交易结束：到达目标

Alright, we won't be greedy. Rest of the position is closed at 1.3540 (TP2)