Currency Trade Of The Week

Attached is our EURCAD Short Trade of the week off the 120 min chart.

First price broke through the bottom of the cloud and at the same time Chikou was also below the cloud so momentum was on our side. We waited for price to rally up and make a pivot. Which it did which is shown on our entry point by the green horizontal line and blue arrow. Our entry point was 1.2780. We will use the horizontal green line plus a buffer as our stop eventually graduating to the 120 KS. I’ve also drawn in a downward sloping light blue line to show the deep downtrend that price is taking. At this point our stop will be the drawn in red horizontal line plus a buffer which is at 1.2584. It can also be a spot to add on to the trade with minimal risk. However if the KS drops below TS before that then we may exit the trade earlier.

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About the Author David Terk