Dynamic Trader Forex Blog FXCPS.co.uk: EURCAD

Good Evening / Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = EURCAD: Day Chart (Posted Below)

With so much happening last week, I have decided to follow the trade through on the EURCAD.

You will have read the initial analysis given last week, if not please click on this link. Initial analysis.
This was followed by a follow up, a few days later. Follow up.

There will be different types of traders who read this blog and I do hope that most of you have profited on the above trade, which ever way you traded.

I have tended to sway towards "Swing" trading of late and the day chart has become my main chart to analyse. When price had hit its resistance trend line and showed a reversal pattern, using techniques taught by Javid on the webinars, you would have entered this trade on a short.

Your stop could have been at different positions depending on your strategy and I imagine most would have gone slightly higher than the previous high. This would have been the correct decision to have it after your nerves were tested on Thursday with the Green candle, despite our analysis indicating price to go lower.

With RSI, MACD and Stochastic s all indicating price still to go lower, today your faith was restored and 170 pips of profit in your bag. Some of you may now be out or some of you might be still in on a risk free trade.

With the VI below and roughly at the same point as a fib breather level, and or the Advanced Get "Elipse"and a RN, further decisions need to be made with a further possible 128 pips available.

Beware after such a big move today, some ground may be reclaimed initially.

Please do your own analysis before entering any trade.