EURCAD long scalp setup

EUCAD hovering around a demand zone in this squeeze/compressing pattern. A break to the upside might offer a scalp trade to the upside.
More specific TA in the chart.

Note

We seem to breakout to the downside. It's now important to see if it's a fakeout and the lows hold. If the lows don't hold it might be better to cancel the setup and see what's happens at the next level

Note

It's not official yet as the low still stand, but looking ahead to potential future setups. There is still another demand zone below, while we just printed a new potential supply zone. And not to forget that previous demand didn't hold well. No meaningful correction or clear reversal in price action. Meaning combined with the above, it might become a strong bounce zone in the near future. So there are potentially two trades ahead.

Note

Although we get our low and double bounce, I think the initial long setup isn't of the table yet

Note

Potential breakout of the channel in the making

Trade active

Note

Trade closed: target reached

💪

GoldvalleyCap

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