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The yellow line of the golden tendency string indicator proves that a bearish trend is going to take place on our chart the EURCAD , also there is another upward direction signal appears which is indicated by the golden finger indicator as a blue dot at the bottom of golden super k indicators candle which is blue
While on the other hand according to the MACD indicator a bearish trend would be taking place since the signal provided by the MACD is a sell cross under the 0 level which is a good sell signal.
The 4up signals shown by the golden varitey indicator shows which means a bullish signal and thus a strong upward trend
As for the take profit I think the support located at the position 1.4571 would be the best position as its the strongest support near the price.
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AS you can see on the EURCAD pair there are a bullish intersection between EMA 9 and EMA 152 which can be a good signal for a starting of bullish trend.
About the Histogram indicator there are a sell signal shown on it by getting the red line which is come below the 0 level of Histogram.
Now checking the market emotions indicator can indicate a bullish signal by showing the green color which mean that the price have a positive emotions at this moment.
The line of Guru Angel indicator is clearly moving above the level 0 to show a Green line which can be considered as a support for the bullish direction.
Going north is my favorite guess for the current day to reach the next resistance above the price which can be found at 1.4592 then according to that buy orders is now recommended over selling as long as there is no opposite signals is shown
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The EURCAD now is on a bullish direction according to Henkin Ashi candles color which is red at this moment in associated with up arrow to indicate up trend
When trying to analyze Snake vs T3-Clean you can see a buy signal due to intersection happens .
And to make sure you can take a look on the trend session indicator and you can see the blue bar to confirm a buy signal for current period .
Another important thing that you need to keep in mind is the resistance located at 1.4557 which may get the price reversed to down levels if it fails to break it .
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The price hits the higher level of donchin channel on the EURCAD chart to perform a probably of bearish trend start by today .
As you can see the price is actually moving at bullish trend because of the up channel for today
About the Awesome oscillator there are a bearish sign by having a red colored bars located above the 0 th level .
A quick look to the stostatic can inform you by a buy signal as the price near the level of 80 and there is a bullish cross between the two lines .
As a result of the previous signals I can bet on the bearish side by taking a sell trades wishing that the price reach the low edge of Donchin level which can be used as a good area for closing sell trades in profit .
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analysis for today 7 / 8 / 2014
EUR/CAD (Daily Trade)
I think the movement is still in a bullish trend
retracement (38.2%) 1.4504
Retracement (50%) 1.4494
retracement (61,8%) 1.4484
Extensions (61.8%) 1.4588
Extensions (100.0%) 1.4620
Extensions (138.2%) 1.4652
Extensions (161.8%) 1.4672
calculation based on a Fibonacci retracement then today I choose buy
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analysis for today 7 / 8 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle EURCAD on the date 7 / 7 / 2014
OPEN 1.4475
HIGH 1.4536
LOW 1.4452
CLOSED 1.4534
The third resistance (R3) 1.4536 -( 1.4507 - 1.4452 = 0.0055 x 2 = 0.0111 )= 1.4647
The second Resistance (R2) 1.4507 + 1.4536 - 1.4452 = 1.4591
First resistance (R1) 1.4507 x 2 = 2.9015 - 1.4452 = 1.4563
pivot points 1.4536 + 1.4452 + 1.4534 = 4.3522 / 3 = 1.4507
Support for the first (S1) 1.4507 x 2 = 2.9015 - 1.4536 = 1.4479
Support second (S2) 1.4507 -( 1.4536 - 1.4452 = 0.0084 ) = 1.4423
Third Support (S3) 1.4452 -( 1.4536 - 1.4507 = 0.0029 x 2 = 0.0057 )= 1.4395
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By analyzing the EURCAD we can but a bullish chanel to limit the movement of the market inti two trend lines .
The price is moving at the upper edge of the donchin channel so you may think about selling as long as there is no opposite signs appear on the Awesome oscillator .
The Awesome oscillator has a green bar appears above the level of 0 and it is considered a good buy signal .
Also the stostatic indicator shows buy signal by showing up intersection between the two lines near the 80 th level .
Till this moment bearish trend is the choise and also selling targeting the lower edge of the donchin channel is not a bad idea at all .
[img]https://charts.mql5.com/5/156/eurcad-h1-*********-lp.png[/img]
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analysis for today 7 / 7 / 2014
EUR/CAD (Daily Trade)
I think the movement is still in a bullish trend
retracement (38.2%) 1.4469
Retracement (50%) 1.4464
retracement (61,8%) 1.4459
Extensions (61.8%) 1.4515
Extensions (100.0%) 1.4533
Extensions (138.2%) 1.4551
Extensions (161.8%) 1.4561
calculation based on a Fibonacci retracement then today I choose buy
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analysis for today 7 / 7 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle EURCAD on the date 7 / 4 / 2014
OPEN 1.4472
HIGH 1.4487
LOW 1.4441
CLOSED 1.4481
The third resistance (R3) 1.4487 -( 1.4470 - 1.4441 = 0.0029 x 2 = 0.0057 )= 1.4544
The second Resistance (R2) 1.4470 + 1.4487 - 1.4441 = 1.4516
First resistance (R1) 1.4470 x 2 = 2.8939 - 1.4441 = 1.4498
pivot points 1.4487 + 1.4441 + 1.4481 = 4.3409 / 3 = 1.4470
Support for the first (S1) 1.4470 x 2 = 2.8939 - 1.4487 = 1.4452
Support second (S2) 1.4470 -( 1.4487 - 1.4441 = 0.0046 ) = 1.4424
Third Support (S3) 1.4441 -( 1.4487 - 1.4470 = 0.0017 x 2 = 0.0035 )= 1.4406
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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