Short idea for AUDCAD on D
Hello world,
here we have this weeks favourite watchlist candidate AUDCAD.
We have:
* rejection at weekly trend line
* Price action at weekly sup.res line & at weekly trend line, which indicates a continuation of the existing downtrend
* high area of confluence
* Overbought RSI on D & 4h
* turningpoint at MACD indicating following momentum
* Top of the D bollinger bands
* A possible starting trendphase in wykoff theory
The possible end of a bigger pullback of the occurring long term trend.
Multiple momentum indicators confirming short theory. Price action at level of confluence.
For safe entry one might want to enter at dotted yellow line.
To summarise the key checkpoints:
* Price action √
* Indicated momentum loss √
* In direction with the long term trend √
* Wykoff - not in contraction phase on Weekly or Daily √
* Price contrary to contraction phase √
For questions regarding my analysis, feel free to ask.
If you like my contributions, consider following me.
All the best,
c4ss10p314
here we have this weeks favourite watchlist candidate AUDCAD.
We have:
* rejection at weekly trend line
* Price action at weekly sup.res line & at weekly trend line, which indicates a continuation of the existing downtrend
* high area of confluence
* Overbought RSI on D & 4h
* turningpoint at MACD indicating following momentum
* Top of the D bollinger bands
* A possible starting trendphase in wykoff theory
The possible end of a bigger pullback of the occurring long term trend.
Multiple momentum indicators confirming short theory. Price action at level of confluence.
For safe entry one might want to enter at dotted yellow line.
To summarise the key checkpoints:
* Price action √
* Indicated momentum loss √
* In direction with the long term trend √
* Wykoff - not in contraction phase on Weekly or Daily √
* Price contrary to contraction phase √
For questions regarding my analysis, feel free to ask.
If you like my contributions, consider following me.
All the best,
c4ss10p314
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.