EURCAD is currently close to support. See picture below for discussion.
The reason I’m looking for a trade here is that the last time EURCAD was in the area indicated on the chart, it had a pretty nice bounce, which is the reason I see the support as an area of value which I can trade from. If price do reach the support, I will be looking for the relevant candlesticks as confirmtion before I enter. For me this trade is more risky as it will be against the prevailing trend. So if I get my reason to enter and get a bounce I will be quick to raise my stop.
I’m still watching EURJPY discussed last week for a retest. AUDUSD from two weeks ago looks a bit too messy for me now, so I’m done with it for now.
Remember to always have your own trading plan and never follow blindly. Always know where you will be proven wrong on a trade and have stops in place. Honor your stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.
Thanks and Regards,
Trading SOS SOS