this is a follow up to my ethusd post on feb 20th where i said to sell $980 and rebuy $400. chart explains where to enter and exit. I also applied one of my self developed trading bots to the chart as well, showing the back test results. Cheers!
reason why i think this will play out: 1)institutional smart $ is long on btc futures according to CFTC COT data 2) the current 2017/2018 btc fractal is still playing out to be very similar to the 2014 btc fractal. I'll be looking to buy back near the green zone and selling near 11.7k then look for shorts after confirmation of a top.
looks to me like usdcad is about to rip up to run stops @ 1.32-1.321 then sell off a few hundred pips or more. im looking to short 1.32-1.321 with a stop at 1.3229. great set up. if i can get a good enough entry near 1.306 or better with a tight stop ill trade the long entry up to 1.32 target.
usdcad is at the top of a buy model. price is ranging while market makers are unloading the longs they bought much lower and are opening up shorts. i am short and ill be shorting bounces. looking for first take profit long term targets between the 2 red lines illustrated below.