The EURCAD 1 Hour chart below was posted on social media @AidanFX March 22 2022 with the trade entry, stop loss and target. Price hit the Static Support/Resistance level (Black) and respected this level with a move lower. Dynamic Support/Resistance 50MA (Light Blue) was also respected signalling a bearish confluence zone. Stochastic indicator was at overbought levels adding more bearish sentiment and the RSI indicator triggered SELLS when it moved below the 50 level. Entered SELL trade at 1.3870 with Stop Loss at 1.3915 and looking for move lower with targets at the 1.3803 level.
EURCAD 1 Hour Chart March 22 2022
EURCAD eventually moves lower and makes a newer lower low. On March 23 2022 price hits the 1:1.5 RR target at 1.3803 from the 1.3970 entry for a move of +67 pips (+1.5% gain risking 1% on every trade). A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. 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 23 2022
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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