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Thomas Long, Course Instructor

This 4-hour chart shows the strong downtrend that is also noted on the daily chart.

eurcad 022410

This move up should not move up through the previous high which is the 1.4395 buy side high as noted on the chart. Traders could use their favorite indicator to time their sell entry and place their buy stop above this current high or just sell and use the 1.4396 high as their protective buy stop level. The actual approach you use to identify your entry can be as unique as you wish, but the keys are to trade in the direction of the strong downtrend and to use at least a 1:2 risk:reward ratio on your trade. If you risk 100 pips, look for at least 200 pips in potential profit.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.