A small trade
was executed on the EURO CAD last week as part of the strong bearish breakout
from the Daily and Weekly Consolidations that had started the previous week.
This was done using the methodology outlined in my previous article which
involves using the 4 Hour and 30 Minute Charts for entries after the Daily
Chart has given a signal for the start of a trend.
With these strong
bearish signals indicating the start of a new breakout trend, the 4H Chart then
provided the first strong entry setup in the form of a Descending Pennant.
Eventually, the 1,2490 Support of this Pennant was broken by a 30 Minute Candle to indicate the start of the
breakout. With the Stop Loss placed above the high of a Counter Trend Line
(CTL) that was also broken, the trade was entered at 1.2480 with an initial
Limit set to the long-term target of 1.2000. 30 MINUTE CHART - ENTRYThis 1,2000 target was more enticing to
me than ´settling´ for the 100 pip target of 1.2380 which is part of my
strategy. However, I humbled my self and returned to my rules and decided to
exit early instead. By that time however, the market had pulled back slightly
above the 100-Pip area,…
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