Analysis:
EURCAD is currently positioned at a significant weekly support level, indicating a potential reversal zone. Further analysis on the 5-minute timeframe reveals a notable change of character, suggesting an influx of buyers entering the market.
Trade Expectation:
Anticipating a reversal, I am focusing on the warning line of a pitchfork I've drawn on the 30-minute timeframe as a potential turning point for the price.
Trade Execution:
To capitalize on this anticipated reversal, I am placing a buy limit order. Entries, take profit (TP), and stop-loss (SL) levels have been carefully marked on the chart above, aligning with my analysis and risk management strategy. I am taking 2 trades with RR as 1:2 and 1:4.
Sure, you can also target the lower parallel of the median line, but I am happy getting out at 1:4 if the prices goes there.
Disclaimer:
It is important to note that trading involves inherent risks, and past performance is not indicative of future results. Please trade responsibly and consider your risk tolerance when executing any trading plan.
EURCAD is currently positioned at a significant weekly support level, indicating a potential reversal zone. Further analysis on the 5-minute timeframe reveals a notable change of character, suggesting an influx of buyers entering the market.
Trade Expectation:
Anticipating a reversal, I am focusing on the warning line of a pitchfork I've drawn on the 30-minute timeframe as a potential turning point for the price.
Trade Execution:
To capitalize on this anticipated reversal, I am placing a buy limit order. Entries, take profit (TP), and stop-loss (SL) levels have been carefully marked on the chart above, aligning with my analysis and risk management strategy. I am taking 2 trades with RR as 1:2 and 1:4.
Sure, you can also target the lower parallel of the median line, but I am happy getting out at 1:4 if the prices goes there.
Disclaimer:
It is important to note that trading involves inherent risks, and past performance is not indicative of future results. Please trade responsibly and consider your risk tolerance when executing any trading plan.