EURCAD: Take heed of this critical level
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EURCAD is about to test the highest volume price since the Euro's inception, the 52 week MA and also the point of balance downtrend target, obtained using time at mode as a secondary target other than the range one depicted by the red box on chart.
It's likely to see a reaction to this level during this crucial week, so, do pay attention to it.
I will update this chart with a potential entry, in case this level holds, since I expect the oil weakness to endure, naturally giving us an interesting and very aggressive long trade here.
For now, I remain neutral but do pay attention, this might be a very significant reaction once we reach the critical support below.
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Ivan Labrie
Time at Mode FX
It's likely to see a reaction to this level during this crucial week, so, do pay attention to it.
I will update this chart with a potential entry, in case this level holds, since I expect the oil weakness to endure, naturally giving us an interesting and very aggressive long trade here.
For now, I remain neutral but do pay attention, this might be a very significant reaction once we reach the critical support below.
Check out Tim West's "Key Hidden Levels Chatroom for more insights on the stocks , bonds, metals, currencies and Bitcoin markets. I'm currently managing a private trading room for Forex , CFDs and Bitcoin futures traders.
Contact me for more details on how to join either of the two.
Skype: ivanlabrie
QQ: 2954487803
Regards,
Ivan Labrie
Time at Mode FX
Nota
Touchdown: Nota
Broke down, let's see if it has follow through.Nota
Looks good. Might be forming a bottom.Nota
We might have the long here.Nota
So beautiful...Trade chiuso manualmente
Nota
(Oil hit a very strong support, it can retrace, so it's safe to wait to rejoin this or at least close partial and /or move stop up)Nota
This might be a local top. Better stand aside for now, or trail stops and book partially.Nota
Crude is acting strong, we got a 5.72R trade with that buy stop above the high...stop was never hit because price surged straight up after testing the lows.Now it might be time to short, I'll update with my entry, crude is acting well, like it's bottoming.
Nota
No short possible...scratch that, just enjoy the pips we had, and Merry Xmas.Nota
Euphoric action, wonder if we'll cross the monthly resistance right here.
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