Short

AUDCAD 3rd Wave Sell

Updated

Figure we are either in a3rd wave downward extension as marked or an inverse head and shoulders

With that in mind sell entries set at levels in the 0.9925 area.

TP1 - 0.9850 (2.3 Reward:Risk)
TP2 - 09815 (3.4 Reward:Risk)
TP3 - 0.9760 (4.3 Reward Risk)

Above 0.9960 looking to phase in 3x reversal for Break Even

Trade active

All 3 entries triggered

Note

Stop loss moved to break even

Note

Typo Above

TP1 - 0.9880 (2.3:1 Reward:Risk) has been hit

Trailing stops at 0.9920

Note

Trailing stops hit

Trade re-entered at 0.9925

Note

Stopped out at 0.9960

Re-entered at 0.9925
TP 0.9885

Failure to break below 0.9885 would imply pair is still in an uptrend and invalidates this scenario

Trade closed manually

Closed manually at break even

Failure to make a sustained break below 0.9890 invalidated scenario

+53pips +(2 * 5 pips) - 35 pips = +28 pips

CodeAndQuant

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.