NZDCAD | Bearish - Short opportunity

#Week10-Strategy-2

BEARISH INDICATOR (DEC 26)
(Before Market Opened)
(Selected this pair based on review of major indices)

1. Bearish LHs and LLs
2. Market closed with bearish candles
3. Major support has been broken between 0.8590 and 0.8594, and now it is significant resistance
4. Trending upper channel has been broken but the price did not break the previous LH
5. Bearish Pennant, Continuation pattern is spotted
6. Price is sideways but bearish pennant signaling continuing bearish trend.
7. Bearish trend will confirm if the current support (last LL) at 0.85096 is tested and broken
8. Price between Fib 78.6% and 100%. Which is lower than the nearest sig resistance, hinting towards a more bearish movement.
9. No divergence was spotted

BULLISH INDICATOR (DEC 26)
(Before Market Opened)

1. Trending bearish upper channel has been broken but the price did not break the previous LH
2. Recent price action is sideways, which could be because of the last week of December
3. Price may test current support at 0.8509, if it had to reverse.

TRADE PLAN
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PLAN A: SHORT when the market opens

EN: 0.85096 (Pending Sell Stop Order)
SL1: 0.85729
TP1: 0.84463 - RR: 1 - Lt: 0.05
SL2: 0.85930
TP2: 0.83223 - RR: 1.5 - Lt: 0.1 (@Fib Ext level at 161.80%)

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PLAN B: Long. Pending Buy-Stop Order
(if due to the new year, trend reversal happened)

EN: 0.85940 (Above the SL2 of Plan A)
SL1: 0.85229
TP1: 0.86649 - RR: 1.0 - Lt: 0.05
SL2: 0.85740
TP2: 0.87142 - RR: 1.5 - Lt: 0.1