Do the bears have honey? Price action says so

FX:USDCAD   U.S. Dollar / Canadian Dollar
This is the setup that I have been waiting for (for a while now). The confluence of factors on this setup makes it a high quality trading setup in my opinion and here is what I'm watching:

1. Bearish pin bar
2. Moving average pinned
3. Previous support pinned as resistance
4. 50% fibonacci retracement level tested

My view is that price is likely to fall from this point, taking into consideration the capped trend line where lower highs are clear showing a bearish market structure. The obvious levels that could be reached would be the two previous swing lows at 1.30500 and 1.30200 respectively.

When I look on the weekly time frame it appears that there may be much more down side should the marked support fail, so I am inclined to use a dynamic stop and extend the target indefinitely should the market play out in my favor.

Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.


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