Have you been monitoring the EURCAD? I have, and I see that it has been clearly rejected from an important support level and even though it has been moving up yesterday and today, the next resistance level (where it is probably heading) is more than 450 pips from where it is currently trading:
So guess what I will be doing with the EURCAD? Of course, I will be looking for long opportunities.
Do you trade this cross?
Trade Safe!
Raul Lopez
Forex Course
Hope you all had a great weekend! And good luck in the week ahead! How do you see the market this Monday? I thought it wasn’t that bad, there are a few opportunities plus plenty of currency pairs are trading in a short term range, I just need them to break the range before I start looking for trade opportunities.
One of the pairs that I’m currently watching is the EURCAD, from the long term charts, its clear that it is in a bearish condition, therefore short opportunities are in play! On the short term charts, it is trading in a short term range, but since we are already in a bearish condition, its ok to look for short opportunities, here is the short term range:
I’d like to see the EURCAD retracing back to the ST resistance level and if it forms a significant pattern with downward pressure, I’ll definitely go short.
One important note: It needs to trade below the ST resistance level in order to be considered bearish, if it breaks this level up, I’ll forget about looking for short opportunities.
Trade safe!
Raul Lopez
Forex Course
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I was literally falling asleep, watching charts that barely moved, then I opened the EURCAD chart, it just broke the ST support level triggering a bearish condition. Here is the chart:
Being bearish means that it is safe to look for short opportunities, which is what I’m doing right now: as long as it trades below 1.4194 I’ll be looking for short opportunities.
Just so you know, the next LT support level is at 1.3665, so we still have a long way to go before we hit that level.
Trade Safe!
Raul Lopez
Forex Training
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The EURCAD is still trading in a bullish condition on the long term charts. But, since it gaped earlier on the week, it has been trading on a short term range in between 1.4208 and 1.4010. Is this good or bad for us? I think it is really good, this way we know where we could look for our long opportunities, and you know where that level is: around the bottom of the range:
As long as the EURCAD trades above the ST support level (lower green line) I’ll be looking for long opportunities.
By the way, the next LT resistance level is at 1.4314
Trade Safe!
Raul Lopez
Forex Course
Looks like the EURCAD wants to resume its bearish market condition, it was already in a bearish condition but it retraced back a bit putting all short opportunities on hold:
I’ll start looking for short opportunities once it breaks the LT support level down (green lower level).
Trade Safe!
Raul Lopez
Forex Training
The EURCAD is trading near a LT level around 1.4314, when looking at the short term charts, it looks like this:
I’m currently waiting for the EURCAD to break either side of the range. If it breaks 1.4366 for the upside, it will trigger a bullish condition and only long opportunities are in play. If it breaks 1.4376 down, it will be bearish and short opportunities are in play.
Trade Safe!
Raul Lopez
Forex Training
The EURCAD was trading in a short term range around a LT important level, as you already know, when the market is trading like this, we need to wait for the market to break the ST range, then look for trade opportunities in the direction of the breakout. Well, just broke the upper ST resistance level:
I’d like to see a retracement to the ST support level (just below HOPS1), and if the market forms a significant pattern with upward pressure, I’ll definitely go long.
Trade Safe!
Raul Lopez
Forex Training
Not many traders venture to trade in the EURCAD… I like to trade what looks good!
The EURCAD is trading in a very clear bearish market condition, it was trading around an important LT resistance level and it was clearly rejected from there a few hours ago:
As long as the EURCAD trades below 1.3594 I’ll be looking for short opportunities. The next LT support level is at 1.3211
Trade Safe!
Raul Lopez
Forex Courses
The EURCAD is trading in a short term range, around a LT level. We don’t know yet what the EURCAD will do in the next few hours/days, we need to wait for a breakout, then I’ll look for a trade opportunities in the direction of the breakout:
If a breakout happens, on either side we have enough room to get a good risk-reward ratio, we’ll see what happens.
Trade Safe!
Raul Lopez
Forex Training
Its interesting that the EURCAD is in a bullish market condition because its next LT resistance level is at 1.3687, we have more than 350 pips from where the EURCAD is currently trading:
As long as it trades above 1.3356 I’ll be looking for long opportunities.
Trade Safe!
Raul Lopez
Forex courses
Earlier this morning the EURCAD broke through an important LT support level triggering a bearish market condition:
The EURCAD is also trading below every important level in the short term charts, we only need a significant pattern with downward pressure to enter our trade.
The next LT support level is at 1.3151
Trade Safe!
Raul Lopez
Forex Training
The EURCAD is trading in a very strong bearish market condition, it was rejected from an important LT resistance level and just broke through an important support level:
The next LT support level is at 1.3593, around 280 pips away from where the market is trading right now. I will be looking for short opportunities in the EURCAD.
In the ST charts it is also trading below every important level.
Trade Safe!
Raul Lopez
Forex course