Friday, October 12, 2012

EURCAD Rocket Trade Setup

Would want to give a quick tip for all my readers :) check this rocket setup that is taking place NOW.

Watch it happen ==> Take the trade ==> Make $$$

Price resisted by resistance. See the bearish engulfing pattern and pin bar. Tip: Day chart candlestick patterns are highly reliable when at an important area eg. resistance. This explains why price might have retraced enough and is likely to go down.
 We see the next 3 boxes being WR if price manages to close below all of the three box high.

See that point 4 coincides to Fib 5. Lets explore if point 4 is a good resistance level.

Previous support now act as resistance

How to trade it: Await for price to close below 1.26620 in at least h1 timeframe. I prefer to wait for H4 to close below.      

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