I'll be scouring the charts for "actionable masterpieces". These will be signficant chart patterns or set-ups that I feel are not only tradeable, but also have a high probability of making big profits with little risk. Whenever I spot an "actionable masterpiece", I will post an annotated chart (my chart art) along with an explanation. My goal is to help you learn how to spot these low ocurring but highly profitable "actionable masterpieces" yourself.
Buy EUR/CAD
There is bullish divergence on this daily chart where price has been making lower lows, while the oscillator is bottoming out. The loonie has been appreciating against most currencies lately but it might be a bit overbought at the moment. David Dodge, the Governor of Bank of Canada, speaks tomorrow. There's a good possibility of a reversal if expresses worry that the slowdown of US economy could affect the Canadian economy.
The 4-hour chart is agreeing with the daily chart. There's also bullish divergence present with price making a lower low, while the oscillator makes a higher low.
I'm going to buy this pair at 1.5120. My stop loss (SL) will be 1.5080. My profit target (PT) will be 1.5200.
Buy EUR/CAD @ 1.5120 | SL: 1.5080 | PT: 1.5200
