EURCAD Support & Resistance Trading

STRATEGY: Support/Resistance Trading Strategy
Focus Time Frame: 1H
Long Term Trend Time Frame: 1D/4H

Market Condition: Ranging
Area of Value (AOV): Resistance (Price at Resistance Zone) 1.47387 - 1.46936
Entry Trigger:

1H: Bearish Pin Bar
4H: Bearish Engulfing


Entry Price (EP): 1.46725
Stop Loss (SL): 1.47432
Take Profit (TP): 1.44753 (2.79R)


Analysis:
EURCAD is currently at a ranging market condition as we see clearly on the chart. Looking on the 4H Time frame, we can see that price rejected the Resistance Zone with Bearish engulfing. On 1H Time Frame, the zone got rejected with 2 bearish Pin Bars. Prior to these, we can see that the price approached the Resistance Zone with High Momentum. This usual type of move approaching either Support or Resistance Zone usually indicates trend reversal.


OANDA:EURCAD


DISCLAIMER: This post is for my reference/journal purposes only. Trade at your own risk.