EURCAD - This trade is a Case Study - if you are able to get this then you are ready for big profits
Based on my Trade two days ago: https://www.tradethevolumewaves.com/post/eurcad-just-enter-long-this-is-why
Some of you thought that it went against me but it did not, let me explain why in details. I have I annoted the chart with reference numbers.
This process is called reading the chart!!!
Before (my 1st entry Long):
After (explanation below and more buy entries):
This Story is starting just before my entry (the rest is on the previous port):
That red pin bar were buyers with significant volume and the Plutus Reversal Long 7.0/2.9 was confirmed with the break of 2.9
This wide green bar was the reaction of all the previous buying , no excessive volume on this bar therfore everything normal. Then we start retracing and ranging, the waves with SIs 6.3, 6.0, 7.4 and 9.5 had nothing abnormal, therefore the long trade is still valid.
That wide spread down bar had no justification - nothing coming from the previous waves or SIs therefore false move that retails fall for it. On the retracement I placed another Long.
That Plutus Reversal Short 26.7/1.4 formed because retail traders though that price is going down after seen that wide spread down bar and started selling but not for long.
More buyers coming in that red down bar (all selling orders were absorbed)
More buyers coming in this morning on that small retracement.
Now we have hit a Fib Area - which I believe it will go though it with all this background, unless we see funny stuff going on up there.
I think it will help you out printing the comments of this post as well as the chart and glue them next to your pc because this is "Chart Reading"