EURCAD - 21/07/2020 - Long Idea
Hi! Welcome to my page! If you're new here, my analysis is primarily based on 'Smart Money' concepts. I search for where the liquidity is, where imbalances/gaps in price are and institutional candle sticks.
EURCAD can be seen to be in a strong uptrend creating consecutive higher highs and lows. Although on higher time frames a large imbalance can be identified to the downside, long opportunities can still be identified on the lower time frames for intraday trades. For this set up, I'll be looking to enter around the psychological level of 1.54000. I will be waiting to see how price reacts to this area before looking for a clean entry. SL below previous low and TP targeting previous high.
If you intend to take this idea, remember correct risk management. 1-3% risk per trade. Let me know if you do choose to take this idea forward and feel free to comment below.
Harry
EURCAD can be seen to be in a strong uptrend creating consecutive higher highs and lows. Although on higher time frames a large imbalance can be identified to the downside, long opportunities can still be identified on the lower time frames for intraday trades. For this set up, I'll be looking to enter around the psychological level of 1.54000. I will be waiting to see how price reacts to this area before looking for a clean entry. SL below previous low and TP targeting previous high.
If you intend to take this idea, remember correct risk management. 1-3% risk per trade. Let me know if you do choose to take this idea forward and feel free to comment below.
Harry
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