The Eurcad pair has been in a downtrend for quite some time. Whenever we get a trend of this type, it is easier and better to just keep moving with the trend until we get a confirmed reversal. In reference to the 4 hr chart below, the horizontal line marks an area that acted as tough support from the daily timeframe. It finally broke down, and I am looking to enter shorts as soon as they set up on the 1 hr timeframe. By this I mean that I will be looking for trendline bounces, and shorting them on the hourly, based of the overall bearish trend. Each time I get a signal, I will be exiting at Fibonacci targets, while allowing one lot to run. Trading in this way helps you to maximize your profit potential.
A nice area of daily support I am targeting is 1.2700.
All the best, and Successful Trading to You!
Winner’s Edge Trading, as seen on: