EUR/CAD

Well , I am watching the charts on the EUR/CAD, looking at a 4hr retracement between the 20 and 50 EMA. this retracement is a good indication of a possible new entry short.

Here is how I see it; Day chart shows strong potiential to the downside, as well as the 4hr chart, the resistance on the day chart is 1.4400 mark as the first one and support has now been set around the 1.4265 mark. Forecast had the pair with a 67% bias to the upside indicating the retracement was going to occur.

2 choices present us right now.

1) if the bias changes on the forecast to the downside or middle, look for pivot entry short covering with the 50 EMA until the break below the 1.4250 area; then move the EMA stop loss to say an 89 EMA or even start one of the EMA's from the 4hr chart.

2) Use the 4hr entry criteria, the CCI is overbought and the Schaff Trend Cycle is at the top of the scale. once these break downwards, you can enter into the short trade.

I currently have an entry short with 194 pips. I will be using the Multi-Trade management style to enter into another position as it returns to the downside.

Andy <> Stapleton