60% LONG & 40% SHORT USDCAD - SERIOUS PRICE LEVEL, TAKE NOTE!

26 Haz 2016

Description: As shown above we have USDCAD 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.
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