Swing Trading Opportunity: Eurcad

Sophia Todorova is the host of the live trading room for the London session. She has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens. To Trade Live with Sophia Join Winners Edge Trading Premium Services.

I am watching a potential swing trading setting up on the eurcad currency pair. The daily chart below shows the current pullback that is underway after the up move that took the pair above the down trendline. I would like to see a retest of the 1.2800 area in order to position long at the right shoulder of an inverse head and shoulders formation. My trading strategy will be to wait for the retest of the area specified. Next, I will wait for a bullish engulfing candle to form. I will then buy, with a stop loss below 1.2650. For profit-taking, I will be targeting three levels: 1.3050, 1.3200, and finally at 1.3250.

If you are interested in trading this with me, it is a good idea to follow me on twitter, since I am able to give quick updates there, and you will be able to get them instantly.

 When trading always use a stop loss and calculate the proper risk management for your account. This analysis aims at providing assistance to the forex trading community here at Winners Edge Trading, thereby helping them to make informed trading decisions.

Check out my last post here: http://www.winnersedgetrading.com/is-forex-trading-for-everyone/

 

 

 Other useful blogs:

 Forex Crunch: OpenBook- A new social platform for eToro traders

 The GeekKnows- Daily commentary on eurusd

One other free trading tool I recommend is Currensee . It can be a useful tool to be able to see how other professional traders are doing.