EURCAD produced a Spinning Top on the daily chart yesterday. The H4 chart shows that the price after being bearish has been on consolidation. The resistance level is where the price made its last breakout. If the level continues to hold the price as resistance and produces an H4 bearish reversal candle, a breakout at yesterday’s lowest low may drive the price towards the South further. Let us have a look at the H4-EURCAD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The chart shows that the price produces a Double Top and heads towards the South by making a breakout at the level of 1.46485. It finds its support at the level of 1.46285. The breakout level holds the price so far. If it produces an H4 bearish reversal candle and a short entry may be triggered below the level of 1.46285 to grab some green pips. Let us have a look at the summary of the trade…
- Sell Stop order: 1.46288
- Stop Loss: 1.46567
- Take Profit: 1.46022
The level that we are going to set our Take Profit is daily support. Thus, the price may consolidate hard at the level. To take out the whole trade at the Take Profit level would be the best option. However, if we want to let some of our trade runs, we may take out at least 70% profit at the Take Profit level. We must not forget that it is the second week of December. The market may get sluggish soon.
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