Jroge107
Long

EURCAD: Daily Break Above Trend

FX:EURCAD   Euro / Canadian Dollar
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.
Comment: 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.
Comment: 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.
Comment: 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.
Comment: 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 closed manually: 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
nice ...i like how u pieced together the time frames
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