I'm looking at EURCAD as a possible candidate for a long trade in near future possibly from 1.3500-1.3600 area.
1. The recent drop from last consolidation area so far is about 2100 pips and if it goes to 1.3550 it will be about 2400 pips, the largest drop in recent history so I'm looking at possible exhaustion of that downtrend.
2. Daily RSI is not showing oversold yet but close, another reason to wait few more days.
3. 61.8 Fib retrace from 1.3550 area would put it at about 1.5000 - round attractive, psych number. Producing about 1500 pips if scaled in properly that's a lot of money.
4.Daily Trend Line (TL) projected shows a possibility of even further retracement but we'll worry about that once we achieve the 1.5000.
5. I need to study some fundamentals now, will update when I have some info on that.
R
1. The recent drop from last consolidation area so far is about 2100 pips and if it goes to 1.3550 it will be about 2400 pips, the largest drop in recent history so I'm looking at possible exhaustion of that downtrend.
2. Daily RSI is not showing oversold yet but close, another reason to wait few more days.
3. 61.8 Fib retrace from 1.3550 area would put it at about 1.5000 - round attractive, psych number. Producing about 1500 pips if scaled in properly that's a lot of money.
4.Daily Trend Line (TL) projected shows a possibility of even further retracement but we'll worry about that once we achieve the 1.5000.
5. I need to study some fundamentals now, will update when I have some info on that.
R