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#OPINIONLEADER# 10:19 30th April 2021. I thought I'd update the post I made yesterday recommending a SHORT EUR/CAD trade. This trade is progressing nicely in fact I've added a further SHORT position. I believe that price should head back to 1.4740 area so we have another 100 pips of travel. Its important to let your winning trades run. A common mistake novice traders make is to see that the RSI and STOCH (in this case) are oversold and close out the trade. It may well happen that we see price reverse from these levels but the reversal is likely to be short-lived as the BEARISH structure is firmly in place. Should we see price move sideways for several hours and then start to edge higher, this may be the time to consider closing out but my 1.4740 target remains for the time being.

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If the price falls below 1.4740, should it chase the short or wait for the pullback to chase the short?
ralfkdean
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1.4564 could be a potential ultimate target hitting the rising trendline on the weekly time frame. A break of the rising trendline targets 1.43 fibonacci level
Where to put the stop loss?
ralfkdean
Author
I always try to enter a trade with a natural stop so in the case of this EURCAD short, as soon as we had a confirmed break of WS1, we set the stop above this line.

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