EURCAD Channeling Energy For Further Upside Movement
EURCAD
01122021 2229 + - SGT
Just realised I can't post images, yet.
Hello World!
This is my first time publishing my thoughts on TradingView. Please be kind :)
I entered TradingView and was scanning the chart and I saw that price has made Over Sold at the Stochastics. I then drew the Trend Line connecting the two low points, cloned the Trend Line, and placed it on the upper bound of the current price action. Voila! Found the Upwards Channel.
The price action is still evolving and I do expect all possible kinds of movement that could occur that would null this Upside Channel, and if that is so, we have to look elsewhere.
In the meantime, I am expecting price to hit the upper bound of the channel and fall back around the area where I marked using the RR tool. I am looking for a 2 to 1 RR.
The thin Horizontal line above the channel is an area of resistance that I marked out when I was checking for the overall trend on the 4H Time Frame.
I will update this post in the days to come.
Have Fun. :)
Comment:
03122021 2230 SGT
Missed the move because I decided to remove the pending Limit Order at 1.44388.
I have since then entered on a Market Order during the dip at 1.44136.
Entry : 1.44136
SL : 1.43835
TP : 1.44736
My reason for entering on an Market Order is because of my past experiences with such structures. And that is, the dip into my SL is usually a sign that price will be reversing.
Now that I have a tighter SL, and a smaller TP(still 2R), the rest I shall leave it to the market to decide.
However, I do not encourage entering on Market Order because it could lead to very wide expected entry level due to being filled at a different price which will cause your RR to be warped. So, I personally try not to enter using Market Order.
2235 SGT
Missed the move because I decided to remove the pending Limit Order at 1.44388.
I have since then entered on a Market Order during the dip at 1.44136.
Entry : 1.44136
SL : 1.43835
TP : 1.44736
My reason for entering on an Market Order is because of my past experiences with such structures. And that is, the dip into my SL is usually a sign that price will be reversing.
Now that I have a tighter SL, and a smaller TP(still 2R), the rest I shall leave it to the market to decide.
However, I do not encourage entering on Market Order because it could lead to very wide expected entry level due to being filled at a different price which will cause your RR to be warped. So, I personally try not to enter using Market Order.
2235 SGT
Trade closed: target reached:
04122021 0044 SGT
tradingview.com/x/BWUBA0RG/
TP hit.
Not feeling my best today.
tradingview.com/x/BWUBA0RG/
TP hit.
Not feeling my best today.
Price has reached the previous high and am unable to breakthrough towards the upper bound of the channel, and so, I anticipate that a new price pattern is forming which is the Horizontal Range.
Instead of getting in at the previous price level, I have placed an entry at the Major Resistance level of the Daily time frame.
Entry : 1.44388
SL : 1.43835
TP : 1.45497
It might work, might not. Who knows? You will never know... 1234