today we have the EUR/CAD short trade. The EUR/CAD is in a daily chart in an intact downtrend with lower highs and lower lows.
After the market broke the rising trendline to the downside it will likely continue its way to the down. With that said, if the market can manage to correct further, we will sell the market at around 1.43749 with a stop loss above the 78.6% Fibonacci retracement. Target will be around 1.40.
As always, use a stop loss while trading and never risk more than 0.5% to 1% on each trade and use a tested strategy. We don't just sell or buy the market randomly, we have a structure technique behind it. This will only give you a sense of market direction.
Hope that helps.
Cheers
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GUYS!! We changed our entry to higher prices at around 1.44306 with a new stop loss at 1.45872. Take profit remains the same at around 1.40.
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The EURCAD unfortunatly did not reach our entry level, but thats a part of trading.