Vladimir Ribakov analyzes USD/JPY and EUR/CAD using technical patterns. He sees EUR/CAD heading higher based on a triple-cycle structure, multiple bullish divergences, and an engulfing candle at 1.45, with invalidation at the 61.8% Fibonacci retracement.
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Hello traders, how are you? Vladimir Ribakov here from Traders Academy Club, and this is a Forex day trading video, 11th of September 2019. So, uh, for today in the menu is the Euro versus the Canadian in a very special structure. It Has for us. But before we start, quick review over the opportunity we covered yesterday. If you watched yesterday's video, right now on the right corner of the video, you will see direct link to yesterday's upload. The idea there was dollar yen is approaching close to 108. Where we would be looking for bearish setups for the short term, and once this correction will happen, back to the buys. As explained yesterday, we are right next to critical days 1315 on the statistics, and if we take a quick look on the daily time frame, we figure out that we are next to. To a falling trend line. Bearish hidden divergence is developing. This is a good place to start looking for possible short-term sells. How would we work with them? So first of all, false breakouts. This might be the first one, and parallel, it might go and create a beautiful false breakout with a horizontal line. False breakout means fake attempts to create new highs that will retrace down. Also, we can see that we have a very beautiful rising trend line, and assuming there will be false breakout one or more, break below the rising trend line and creation of lower lows should be the beginning of the correction that we have been talking about. So once again, once this correction takes place, uh, by providing the signs, it would be a very good, uh, short-term opportunity and then likely switching to the upsides again. Uh, pay attention to the news to be published from the US, and of course, uh, for— don't forget short-term and long-term Opportunities on different directions. And for today is the euro versus the Canadian. But before we start with this, I would like to welcome all those of you who are new to the channel. I'd like to invite you to our live trading rooms that we run day after day, including our full detailed trading report with all the trading opportunities. You can also follow us in the free Telegram channel we have for you for and enjoy free chat in the community. And if you love the work and the ideas I share with you here, let me know what you think about it in the comment section below. So I am after longs on the euro versus the CAD, and here is why. Looking at that, it looks like a triple cycle that came. Too close to a massive magnet area here, uh, missing several points, but in a general view, in an amazing place for trading. Now the beautiful part here is that each of the legs inside the cycles would be a kind of a triple by itself. Perfection. Beautiful bullish divergence formed on the moving averages as well as on the histogram, and we are forming here a false breakout, horizontal one, and alternative trend. And if we connect these lows, this is what you— oops, sorry— this is what you would see, another false breakout. Moreover, if we connect the lows here You would see that we came too close to that area, dynamic supportive area. So the zone looks very promising, um, as by itself. The 1-hour chart provides, uh, basically 1 and 2, 1 and 2 false breakouts, and now climbing to higher highs. 15 minutes time frame. So sorry, 1-hour chart is the one that has to create corrective mode. Corrective mode could be 2 waves or some sort of a range here. But as long as we protect the low, as long as we stay above the low, the idea here is looking for buy retraces. So if the 1-hour chart is the one that should build the corrective cycle, that's— that means that here we should be able to see higher highs, higher low structures. And once we do, retraces should provide nice buy opportunities. And this is the pair I find very interesting. Moreover, the 4-hour chart has a great engulfing right at the bottom. We are back and holding the area of 145 psychological zone. And if we quickly check the the daily time frame, it looks like this slowly, slowly round up as well. So I do expect a fight here, and that's why I think this could provide some nice structure of a corrective cycle to the upside. Keep in mind, if we suddenly go below. 61.8, boom, one shot, one leg below 61.8 would invalidate the bullish view. And in such case, we will have to stop looking for buy opportunities. So that's for the EUR/CAD and for today's opportunities. Let me know what do you think about it. Are you bullish? Are you bearish? Looking for buys or looking to sell the rallies? Let me know what you think about it and how would you approach this pair, if at all. Or if you find any better opportunities, share in the comments with other viewers in the community. Thank you very much for your time watching this video. I'm Vladimir Ribakov from Traders Academy Club. I invite you once again to our live trading rooms. To join, just follow below, uh, the link below in the description, and I hope to see you with us. And I'll see you tomorrow with a new fresh video. And trading ideas. Thanks for your time. Ciao for now.
