22.09.17 EURCAD Daily Breakdown

Due to price reversing from weekly mid-range I still believe we can see some downside momentum as long as we stay below 1.475. Yesterday we saw price push up from our daily support area where it has now found resistance at 61.8 FIB reversal zone, we have also formed a 3 pin formation on H4 and H2. I am expecting lower prices, I believe the price will revisit daily support 1.466 if we break I will hold my position to original target which is 1.46 FIB extension target 1.
I have an entry strategy for both daily support areas and break of mid-range which is
Entry strategy to go long :
  1. We see price move back towards daily support 1.46614 where a clear formation forms on H4/H2, I would then scale down one timeframe where I will wait for 8ema break
  2. This is my preferred setup. Price will break 1.466 making its way to 1.458 support. This is my preferred region as this is our FIB reversal zone area for long entries from low to high point
  3. This entry setup would be a clear break retest of 1.4750.
We have some news that might push EUR either direction. Draghi speech 9am and 10:30am below a brief description of how the market acted…………..
Before : Screen Shot 2017-09-22 at 06.29.17
After :
Screen Shot 2017-09-22 at 15.09.23
As expected, we have seen price revisit daily support. This should have been my original target due to my overall analysis being bullish but we learn from these mistakes. We can see price pined off the daily support reversed back to the upside and closed above 8 ema. Will be watching for reversals at weekly for short-term shorts, but I am expecting the price to break above a key level if we do get a break I will wait for PB before looking to go long.
All in all good week. still, need to work on patience and letting the trade come to me. I actually think maybe having 3 pairs appose to 2 will be a great benefit in being able to wait for setups.
Remember to always try and take something away from a loss. These will be the most important trades!!
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s