price on eurcad on the 1hr chart is showing a rejection of lower prices. its forming some sort of expanding triangle or it can also be viewed as a counter trend channel depending on how you want to look at it.
zoming out on the charts we can see price is in an uptrend channel and is at the bottom. the way price has been dropping and the reaction it has had at the channel line shows me there is a high probability price will reverse. my chart shows this bearish leg is contained within a channel, giving an indication that the structure is corrective so the bigger uptrend channel is not ready to break. i must first see an impulsive leg drop before considering a breakout of the bigger uptrend. there is a gartley pattern completion at 1.46607 and seeing price on a smaller scale is forming a tiny flag, there is a chance it will reach the completion point. so i will wait for the trade setup to develop.
*buy setup*
- countertrend structure
-trendline bounce
- impulse, correction harmonic pattern completion
- MFI shows bullish
entry:
- gartley completion and/or 9, 20 EMA crossover
*buy setup*
- countertrend structure
-trendline bounce
- impulse, correction harmonic pattern completion
- MFI shows bullish
entry:
- gartley completion and/or 9, 20 EMA crossover
Comment:
missed the entry by 3 pips smh
David K Giraldo
