[Market Breakdown 4] EURCAD

28 בפבר׳ 2021

On the Monthly chart, we are trending up making HHs and HLs.
Price is currently sitting at a Major Buy zone.
We are rejecting the Monthly Supply & Demand zone as support now.
Buy orders are waiting to get filled in.
Our main bias will be Long for this one.

28 בפבר׳ 2021

הערה

On the Weekly chart, we are currently making short term LLs and LHs.
Everything between the 2 grey boxes can be relief for more upside momentum.
The bigger driver is Bullish in this case.
We have rejected the S&D zone and we have received a solid Bullish candle.

You can see the Bullish Fake Out Flag and the psychology behind it very clear on this Weekly chart:
Big Bullish impulse followed by a clear low and a clear high.
Then a false break to get retail traders at the wrong side of the market and to provide liquidity for banks/institutes, followed by a retrace candle as confirmation.

These are all clear indications for me that the Bulls gaining power for a solid move to the upside.

28 בפבר׳ 2021

הערה

The Daily chart is also looking pretty good for long set-ups.
We broke the descending trend (line) and the last LH impulsively as indication.
Best case scenario would be an Inverse Head & Shoulders pattern as confirmation.
We want to take the precise entry on the 4H chart if we do receive this Inverse Head & Shoulders pattern on the Daily chart.