EUR/CAD LONG
Entry: 1.6160
Stop Loss: 1.6110
Take Profit: 1.6250
Position size:.5Percent
(miscalculated- Really risked .736Percent )
Trade: B
Prediction:
The Monthly Daily show a downtrend. The Daily has a very weak pinbar, I would not trade on, suggesting that price may go down.
The Weekly graph indies a ranging price.
I'm going with and contrary to the trend on this trade. I'm retarded.
Edit* This post was made after the trade. In all seriousness, I saw a consolidation and hoped to ch the breakout. Unfortunately I figured wrong, didn't have an entry signal, and shouldn't have entered the trade. This was a guess, not a trade.
The 4 Hour and 1 Hour chart indies a continual higher high and higher low on the price, together with routine retracements roughly every day. I guessed the big bullish outside bar from 4/23 would continue the uptrend following a retracement. I put my entrance over the open price 8 hours before (4 Hour chart), and also above the previous retracement highs.
I predict the price will likely continue to grow until the next Fib confluence and 4 hour take profit degree (see 4 hour chart).
Graph 1: Weekly
Graph 2: 4h
Graph 3: 1h