Following up on the EURCAD price action trade signal that we posted last week, the trade has followed through nicely and hit out 1:3 or 300% target for those who used the advanced retracement method which we teach in the Price Action Protocol.
As the chart shows above, the retracement method did get us in at a good price which increased the reward potential, many Price Action traders did take profit this one at the 1:3 target because it lined up nicely with a resistance level.
The market did product a counter-trend signal which the market has followed through with last session and sold off, we will be watching for bullish signals at the trend mean as a signal for any trend continuation.
Previous Discussion
A nice bullish Rejection Candle setup has formed on the EURCAD daily chart at the close of the previous Forex session’s daily candle.
The rejection candle signal is demonstrating clear bullish rejection of a key support level that we have marked on the daily chart. If you’re familiar with our Price Action Protocol, then you would have also identified this point on the chart a bullish hot spot.
This hot points on the market are the high interest areas in the market that cause price action movements which generate high probability signals.
There is a clear Daily swing point there acting as clear support now, and the signal formed at the trend mean value. If price breaks higher we could see another extension of this trend.