*Yellow MA = 200 EMA | Blue MA = 100 EMA
In this video, I go over the approaching support level for
GBPCAD
and the potential play to the top of the consolidation box set after the reversal we see from January 2016 - October 2016. A play from the support to resistance is well over 1000 pips and has two different opportunities:
1. We bounce off of more recent support
2. We bounce off of all-time low
I'm looking for both options to play to the top of the box and move price action within that same range again. This support is extremely strong and could lead to a very profitable play, especially since the RSI shows us the pair is oversold with bullish divergence, characteristics of previous plays in this zone. The resistance I outline is from old support and fib levels, but both this resistance and fib levels have been broken on previous bounces off the same support.
Good luck traders!
In this video, I go over the approaching support level for
GBPCAD
and the potential play to the top of the consolidation box set after the reversal we see from January 2016 - October 2016. A play from the support to resistance is well over 1000 pips and has two different opportunities: 1. We bounce off of more recent support
2. We bounce off of all-time low
I'm looking for both options to play to the top of the box and move price action within that same range again. This support is extremely strong and could lead to a very profitable play, especially since the RSI shows us the pair is oversold with bullish divergence, characteristics of previous plays in this zone. The resistance I outline is from old support and fib levels, but both this resistance and fib levels have been broken on previous bounces off the same support.
Good luck traders!
