How to trade this plan
1. Support and resistance. Support(green area) and Resistance(Orange red area).
2. Develop a bias based on whether you are a Bull (enter at the green area) and Bears (enter at the red area) looking at the 21 and 55 MAs for market direction and 5 and 8 MAs for price action.
3. Look at stochastics on, Daily H4. Look at M15 and M5 for possible role reversal zones at support or resistance zones.
Crosses indicate possible target.
Arrow indicate possible direction of price.
*We need oil to strengthen as Oil has a positive correlation with CAD.
Price on daliy chart between Resistance-MR1 @1.3832 Support-MS1 @1.2845
SL- 1.3193 TP- 1.2964

USDCAD Daily

21 MA is above 55 MA indicating bullish move of price to MM3. Possible Kings Crown formation. Bears entered at MR1 with target at MS1.Bulls will try to push price from MPP to MM3.

USDCAD H4

21 above 55 MAs are pointing downward. 5 below 8 MA indicating bearish price action. Bears are waiting for Bulls to push price to WPP. Bears will re-enter below WPP.

USDCAD H1

1 2 3 pattern on WM2. 61.8 Fibzone Bear entry at WPP. 21 MA below 55 MA. Price is still bearish based on 5 and 8 MA downward direction.

One thought on “USDCAD Sell 29092016”

  1. Eddie Machete says:

    Today USDCAD wonderful.

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