EURCAD Channeling Energy For Further Upside MovementOANDA: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. :)
