Hello everyone,
We're going to start the first week of 2021 soon.
I am going to share all my plan for this first week to you all and hopefully it will be useful to all fellow traders here.
My first trading plan is EURCAD pairs.
As you can see price currently in an ABC correction inside a downward chanel.
There is an area of confluence support at 1.5570-80 level which will attract buyers in my opinion.
EMA-200 as a strong dynamic support + 61.8% fibonacci retracement + horizontal support level + downward channel support.
It will be no wonder if price shoot up from this area after touching it for a brief moment.
I am preparing 2 trading plan for EURCAD which has the same entry and SL but different take profits.
For conservative traders, you could take profit at the top of downward channel.
Aggresive traders could set take profit slightly below our next horizontal resistance at 1.5820.
BUY EURCAD 1.5570/80
Stop loss 1.5530
Take profit 1 at 1.5710 (3.5R)
Take profit 2 at 1.5820 (6.25R)
Use only 1-2% risk
Good luck
We're going to start the first week of 2021 soon.
I am going to share all my plan for this first week to you all and hopefully it will be useful to all fellow traders here.
My first trading plan is EURCAD pairs.
As you can see price currently in an ABC correction inside a downward chanel.
There is an area of confluence support at 1.5570-80 level which will attract buyers in my opinion.
EMA-200 as a strong dynamic support + 61.8% fibonacci retracement + horizontal support level + downward channel support.
It will be no wonder if price shoot up from this area after touching it for a brief moment.
I am preparing 2 trading plan for EURCAD which has the same entry and SL but different take profits.
For conservative traders, you could take profit at the top of downward channel.
Aggresive traders could set take profit slightly below our next horizontal resistance at 1.5820.
BUY EURCAD 1.5570/80
Stop loss 1.5530
Take profit 1 at 1.5710 (3.5R)
Take profit 2 at 1.5820 (6.25R)
Use only 1-2% risk
Good luck
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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.