On March 23 2021 I posted on social media @AidanFX ” EURCAD as long as price stays below 1.4974 the pair can push lower to retest the 1.48 handle. Will be watching for selling opportunities.”
The charts below was also posted on social media @AidanFX March 23 2021 showing several clear bearish market patterns. Black bearish AB=CD pattern already triggered SELLERS at the AB=CD equal legs 1.0% Fib. extension level which the pair reacted lower from. The pink bearish pattern also triggered SELLERS at the XA 1.618% Fib. retracement level together in the same area as the bearish AB=CD pattern. Blue bearish pattern also triggered SELLS at the blue sell entry trend line and a bearish divergence pattern (green) also formed at the March 23 2021 high. All these bearish patterns was all I needed to be confident on posting the March 23 2021 SHORT/SELL at 1.4924 Stop Loss 1.4974 Target 1:2 RR 1.4824 – 1:3 RR 1.4774 trade setup chart for a move lower.
EURCAD 1 Hour Chart March 23 2021
The pair moves lower and HITS the green 1:2 RR target at 1.4824 from 1.4924 sell entry for +100 pips. On March 25 2021 I posted the 2nd SELL entry (purple) “EURCAD SHORT at 1.4888 Stop Loss at 1.4928 Target at 1.4808 – 1.4768 area.”
EURCAD 1 Hour Chart March 25 2021
EURCAD eventually moves lower and on March 26 2021 price hits the purple 2nd SELL 1:2 RR target at 1.4808 from 1.4888 for +80 pips. We continue to expect price to continue lower towards the 1.4770 area so will continue holding on to SHORTS. Third SELL entry (light blue) was also entered with target at the 1.4770 area. If you followed me on social media @AidanFX you too could have caught the EURCAD move lower. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
EURCAD 1 Hour Chart March 26 2021
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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