Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
EURCAD finally completed ABCD pattern in daily timeframe:
I expect it now to retrace a little bit and the target would be 1.3600 at 38.2 fibo retracement, but the Flag pattern indicates that the pair might fall to 1.3200.
You can have a review on my last tutorial for Flags and Pennants here.
I will wait for price action here to go long with tight stop and 1.3420 would be my profit target.
Wait for a H4 candle to close beyond 1.3373 and then go long with stop at 1.3352 and 1.3400 and 1.3420 targets for it.
If we had a bearish H4 candle that closed around 1.3300 then I will go short to see 1.3200 level.
I have to mention that current daily candle closed at a support level so waiting for that level to be broken would be good to go short.
This is the support level:
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