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Eurcadsell

Reversal Zone on EURCADHi guys, lately price action didn't go in our favor. I apologize to you if you did take some losses because of my charts, but one of the hard part in trading is to keep using the same methodology (proven to be valid) over and over again, without sabotaging it. So here we are with one of the usual structure plays on the chart. As you all see, euro has rallied a lot this week, and in this particular pair it reached a key resistance area that could stop the rally and start a reversal. Why am i interested in this particular zone? Simply, look left and you'll notice some of the previous touches on that level that always provided with some good shorting opportunities. So the previous behaviour could repeat again. Plus, we also have an AB=CD pattern that's just completed and the RSI is way overbought. It additionally confirm the good spot we're in. So keep a look at the lower timeframes seeking for a shorting signal in price action, such as double tops, engulfings, pinbar and so on. I'll keep you updated. If you want to share your view, or simply ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
6
EURCAD Bulls Tire Following Weekly Bearish Engulfing PatternOn Tuesday I mentioned that the EURCAD was likely to remain soft below the 1.4380 handle. This level is the 2011 high and has been a significant influence ever since. It’s also the 50% retracement of last week’s bearish engulfing pattern. With this in mind, I was intent on waiting for a sell signal from the 1.4380 area. And given the relief rally so far this week, a retest of the level seemed plausible. However, a recent development on the intraday charts suggests otherwise. You may recall my reference to an intraday ascending channel in Tuesday’s post. I mentioned this second entry method would kick in should buyers fail to reach 1.4380 over the coming sessions. While there is no guarantee that buyers won’t take prices higher from here, the support level of the channel I mentioned has failed. It’s best viewed on the 1-hour chart below but those who only trade the 4-hour time frame and higher could play it that way all the same. Should sellers regain control, the next key support level comes in at Monday’s low of 1.4170. A close below that would expose the 1.4030/40 area followed by the 2016 and (current) 2017 lows near 1.3820. Keep in mind that the next 24 hours holds key events for both currencies. At 8:30 am EST we have Canada employment figures as well as U.S. non-farm payroll and the latest unemployment rate. The combination of these releases will no doubt trigger a spike in volatility for a pair like the EURCAD.
Short
by Daily-Price-Action
EURCAD to Remain Soft Below 1.4380The EURCAD retested a significant level last week. The trend line that extends from December 2015 is what triggered the recent 420 pip selloff. It’s also a level that could represent the neckline of a 2,000 pip head and shoulders pattern. I first mentioned the potential reversal pattern in mid-October of last year. It has since come up a few more times in the daily commentaries, but we never quite got the retest of the neckline to justify an entry. However, last week the pair finally retested the level as new resistance. In fact, sellers carved out a 4-hour bearish pin bar following the March 27th retest. I mentioned the sell setup in the member’s area, and I know quite a few who took full advantage of the 300+ pip drop that followed. You may have also noticed the weekly bearish engulfing pattern in the first chart above. That candle sets the foundation for what could be a selling opportunity within the next few sessions. So what’s the gameplan? Yesterday’s bullish engulfing day has triggered a bit of a relief rally. But that’s a good thing if you’re looking to sell at a higher price. Speaking of a higher price, the 1.4380 handle is the level I’m eyeing. It’s the 2011 high and has been influential ever since. It’s also the 50% retracement of last week’s bearish engulfing pattern. If buyers fail to reach this area, there is an intraday ascending channel forming which could offer an opportunity. This second option would kick in should the pair fail to hit 1.4380 over the coming sessions. But for now, my sights are set on the 1.4380 area. Key support comes in at this week’s low of 1.4170. A daily close below that would expose 1.4040 followed by the 2016 and (current) 2017 lows near 1.3820. Only a daily close above the 1.4380 area would negate the bearish outlook for the pair.
Short
by Daily-Price-Action
BREAKOUT IN EURCAD - 1H CHARTHey Traders, Hope you had a great weekend. We have an opportunity to sell soon in EURCAD. As soon as we get the breakout look for any flag to sell for a pontential bearish impulse. Keep an eye on it. - Hey Traders, Espero que hayáis tenido un buen fin de semana. Pronto tenemos una gran oportunidad de venta en EURCAD. Así como se produzca la ruptura de la tendencia buscad cualquier bandera de venta para entrar en un impulso bajista potencial. Id echándole un ojo.
Short
by ccerezo11
5
Lots of concluence on EURCAD!Hey guys, i wanted to share with you this setup for i've found lots of different clues pointing in the selling direction. As you can see in the illustration above we have: Cypher pattern (already completed), daily structure, an engulfing shooting star candle, a round psychological number, RSI divergence and RSI overbought condition all together in the same place. Given the situation, i think i'll undoubtedly set my orders on and wait for price to trigger them. I'll keep you updated. As usual, feel free to comment if you want to share your standpoint or ask questions. Otherwise, see you in the next chart!
Short
by Roker1
3
What a cluster! EURCAD analysisHey guys, i wanted to share with you this setup for i've found lots of different clues pointing in the selling direction. As you can see in the illustration above we have: Cypher pattern (already completed), daily structure, an engulfing shooting star candle, a round psychological number, RSI divergence and RSI overbought condition all together in the same place. Given the situation, i think i'll undoubtedly set my orders on and wait for price to trigger them. I'll keep you updated. As usual, feel free to comment if you want to share your standpoint or ask questions. Otherwise, see you in the next chart!
Short
by Roker1
2
EURCAD - Short Setup with Barometer ConfirmationHi guys, as I mentioned in my market barometer updates, the EURCAD is my pick today. The EUR is weak and the CAD is strong. Combine that with some other factors: recent drop below uptrend support, consistence diminishing pattern on X Meter & my trend signal confirmation; I am short @ 1.41739. My stop and target are posted on the chart. We got some news to navigate this week. I will not hold this trade past Thursday night. The trade should be finished by then. This is not investment advice, just my opinion(s). Please trade accordingly. Trade safe and keep an eye on news.
Short
by riffster21
2
Pay attention to this zone! EURCAD analysisHi guys, earlier today i've posted another idea about this pair, but the scenario is now changed. As you can see price broke through the previous support and it's now sitting right into previous resistance (that should also provide some selling pressure). In this resistance zone we also have some confluence: a bat pattern (just completed), a psychological round number (1,4100) and a 618 fibonacci retracement. Furthermore, the RSI is deeply overbought right now. All those reasons together make me think this could be a nice reversal zone for this pair. I'll let you know if i'm getting involved. If you have any questions, feel free to ask below. Otherwise, see you in the next chart!
Short
by Roker1
Pay attention to this zone! EURCAD analysisHi guys, earlier today i've posted another idea about this pair, but the scenario is now changed. As you can see price broke through the previous support and it's now sitting right into previous resistance (that should also provide some selling pressure). In this resistance zone we also have some confluence: a bat pattern (just completed), a psychological round number (1,4100) and a 618 fibonacci retracement. Furthermore, the RSI is deeply overbought right now. All those reasons together make me think this could be a nice reversal zone for this pair. I'll let you know if i'm getting involved. If you have any questions, feel free to ask below. Otherwise, see you in the next chart!
Short
by Roker1
2
Previous Support Becomes Resistance Hey guys, some simple price action analysis here. On the daily timeframe price is going to retest previous support that once broken should become resistance. On the lower timeframe (4h) we can see some different clues pointing in the same direction: first, a butterfly pattern that's completing very close to the structure (black line), second, a .618 and a .382 fibonacci retracements, third, an AB=CD pattern that's completing just a bit above the black line. So, what i would do is wait for price to enter the blue zone and see what's the price reaction to that level, while looking for some weaknesses signals, in order to sell at market. I'll keep you updated. If you have any question, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Previous Support Becomes ResistanceHey guys, some simple price action analysis here. On the daily timeframe price is going to retest previous support that once broken should become resistance. On the lower timeframe (4h) we can see some different clues pointing in the same direction: first, a butterfly pattern that's completing very close to the structure (black line), second, a .618 and a .382 fibonacci retracements, third, an AB=CD pattern that's completing just a bit above the black line. So, what i would do is wait for price to enter the blue zone and see what's the price reaction to that level, while looking for some weaknesses signals, in order to sell at market. I'll keep you updated. If you have any question, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1