Look through all the charts posted in the updates for factors of confluence . This 1hr chart has a good looking tweezer bottom candle formation, coupled with two solid bullish candles. The cyan trendline will be further discussed below.
With the Fibonacci Retracement drawn on the 4hr from swing low to swing high, we can clearly see its not a perfect setup with respect to percentages. However depending on how you draw the "trendline" we could classify this as a rejection. I do not like trendlines as they tend to be bias, therefore i am noting this 4hr chart (contingent upon this 4hr candle close in 1hr) for the possible doji and/or the pinbar to show signs of a rejection to push lower.
Using a 12hr chart next since it provides, in theory, twice the information that a daily chart would provide (couples nicely with quarterly pivots). Also contingent that this 12hr bar does not close lower than the previous bar's open price: 1.55022, it is showing a good break and retest of this Quarter's R1.
As we look at the daily chart with the previously mentioned cyan trendlines, it is clearly seen as a bullish above, as well as a bullish break above previous structure high. Long trip to the bottom if more upside does not commence.
As a contrarian note, looking at the weekly chart (could even be considered a yearly chart) EURCAD has been in a falling channel for quite some time. Do not consider to hold this trade forever if more bullish momentum ensues. Also take note and have the mindset that this is a bull trap to go long as we are fairly close to yellow channel which has been respected time and time again. Good luck :)
Trade wurde manuell geschlossen:
Good area to take profit. Upper bounds of the channel as well as previous structure high. Well done for all who stayed in this long :D