Trade77, EURCAD ABCD Pattern 7pm


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:

Make sure that you are following me on twitter so you can be informed of any trade calls for this pair and if you found this post useful let your followers to read it too, so please retweet this article with the button above of the article.

Regards

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  • 4xDudess

    Mani, This is an OUTSTANDING analysis, which I intend to copy and use as my model to analyze potential trades based on daily closes! Thank you for posting, and I am following you on twitter.

    Kimbo4x/aka/ 4xDudess