60% LONG 40% SHORT USDCAD - SERIOUS PRICE LEVEL, TAKE NOTE
Description: As shown above we have FX:USDCAD1.83% This pair is currently Bearish , Price Currently At strong price action around 1.2990 , Which is Middle Area On the the Monthly
Indicators:
RSI:Bullish Territory
MA: 20 over 200, If 50 EMA crosses 200 we could see future buying opportunities to the Upside
(WEEKLY)
Price:
- Bullish Channel since 2014 to Present
-Jan 2016, Price tried to break bullish channel and Trend Line resistance, Could Not form Higher Highs so Broke down into Bullish Channel
Fib: Price around 0.236 Region
(DAILY)
Candles
- Many Retests on Daily 200, Failure to close above
-Current candle: Bullish Engulfing
Structure
M Supp 1,26561 (Formed Double Bottom before Bullish Engulfing)
-Trend Line Support Cannot be broken Also after Previous Tests
Duration: Long Term
Decision: I will LONG this Pair,
HOWEVER, Because we are at Strong Price Action I will Put a SHORT Position Too!
LONG: If Next Daily Candle Is bullish , Breaks 200 EMA , Breaks( W Res 1.30967) And (M Res 1.31421), I will take a Long Position to the Top of Monthly Trend Line Resistance (See Monthly)
SHORT: If the 2 Previous Rejections on 200 EMA Cause Next daily candle to become Bearish . I will wait for (W Supp 1.27492) & And (M Supp 1.26561) To be broken and Retested. Also Trend Line channel Support will Break at this stage Meaning I will Take a Short Position to Next level Support
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post your analysis below.
Remember to always trade your strategy
Indicators:
RSI:Bullish Territory
MA: 20 over 200, If 50 EMA crosses 200 we could see future buying opportunities to the Upside
(WEEKLY)
Price:
- Bullish Channel since 2014 to Present
-Jan 2016, Price tried to break bullish channel and Trend Line resistance, Could Not form Higher Highs so Broke down into Bullish Channel
Fib: Price around 0.236 Region
(DAILY)
Candles
- Many Retests on Daily 200, Failure to close above
-Current candle: Bullish Engulfing
Structure
M Supp 1,26561 (Formed Double Bottom before Bullish Engulfing)
-Trend Line Support Cannot be broken Also after Previous Tests
Duration: Long Term
Decision: I will LONG this Pair,
HOWEVER, Because we are at Strong Price Action I will Put a SHORT Position Too!
LONG: If Next Daily Candle Is bullish , Breaks 200 EMA , Breaks( W Res 1.30967) And (M Res 1.31421), I will take a Long Position to the Top of Monthly Trend Line Resistance (See Monthly)
SHORT: If the 2 Previous Rejections on 200 EMA Cause Next daily candle to become Bearish . I will wait for (W Supp 1.27492) & And (M Supp 1.26561) To be broken and Retested. Also Trend Line channel Support will Break at this stage Meaning I will Take a Short Position to Next level Support
Thank you for viewing my idea. If you decide to take this trade,please leave a comment and a thumbs up. I will be happy to stay in touch to see how the setup is planning out.
Your also welcome to post your analysis below.
Remember to always trade your strategy
