One more close look at EURCAD, what and where you can target after head and shoulders above yearly pivot line (didnt plot that). U see MACD can be used to confirm important horizontal resistance levels. But volume is a key, its a fuel. Price will move where the volume goes violating all trendlines you draw. Dont trade without checking the volume. Trendlines dont work, its waste of time to draw them on charts. From my experience Chaikin AD volume line is the most accurate. But I use it in combination with OBV. If OBV and AD line move in same direction - price will follow there. If they diverge, I will avoid trading, it might indicate ranging. Stop 14 pips above daily R1 (didnt plot that), which is slightly above weekly R1. U see big boys do hunt stops above pivot points. Usually it pierces 4-10 pis above as most stops are tight above pivots.
Trade closed: target reached
My TP was hit at weekly R2 (white arrow) 15 min after I entered. I rode down this span 2 times, yesterday and today again
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.