fondiea
Long

Whether uptrend is supported by the new MPP (P)?

OANDA:USDCAD   U.S. Dollar / Canadian Dollar
In July a new MPP was drawn.
Currently it is the situation that it will rise again with the support of new MPP (P) 1.31266 neatly.


Even if looking at the weekly chart, It have been slowly raising it for nearly 10 months.


Weekly chart


As a provisional up trend, I'd like to simply place a long.


<< tactics >>
1) MPP (P) 1.31266 functioned as a support line

long.
The first limit is under the horizontal line 1.32600 (neckline of the latest double top ).
The second limit is under WePP (R1) 1.33035.
The third limit is under MPP (R1) 1.33941

2) It is doubtful whether MPP (P) 1.31266 functioned as a support line
I am watching it as an uptrend, so I will not think about short once. I will observe.



I would be grateful if you like it idea,give me follow or agrees!

------------------------- <Legend> --------------------------
Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line: Monthly Pivot Points (MPP in the text)
Green thin line: Weekly Pivot Points (WePP in the text)
Indigo thickLine: Horizontal line or Trend line seen by weekly or monthly
Indigo thin line: Horizontal line or Trend line seen by 4hourly or daily
Indigo dotted line: outstanding double zero

Red curve: EMA 20 close
Indigo curve: EMA 200 close
Green curve: EMA 800 close
Black curve: EMA 1600 close

x mark: Line which may not function
------------------------- <Legend> --------------------------
Jul 04
Trade closed: stop reached: It has reached the stop loss.
I do not think it is a bad deal so do not worry and I will go on to the next!
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