AUDCAD short - 17 Oct 2016 16:20
Updated
Background:
- Price just hit weekly resistance @ 1.01 with a bearish close for 10 October week
- Multiple reversal reaction off the weekly resistance area
Entry:
Sell stop set @ 0.996 after the 4th daily bearish reversal candle from last friday
SL:
50% of the signal candle
TP:
Set at 0.984 near daily recent support and possible channel support area
Alert:
- If triggered, the channel support could pose problem
- Not awesome risk reward ratio at 0.74 vs 1.2
- Kinda in conflict with my ongoing trade #EURNZD short
- Because i am shorting AUD here but long NZD on the other trade # fingeritchy... see how it plays out
- Price just hit weekly resistance @ 1.01 with a bearish close for 10 October week
- Multiple reversal reaction off the weekly resistance area
Entry:
Sell stop set @ 0.996 after the 4th daily bearish reversal candle from last friday
SL:
50% of the signal candle
TP:
Set at 0.984 near daily recent support and possible channel support area
Alert:
- If triggered, the channel support could pose problem
- Not awesome risk reward ratio at 0.74 vs 1.2
- Kinda in conflict with my ongoing trade #EURNZD short
- Because i am shorting AUD here but long NZD on the other trade # fingeritchy... see how it plays out
Note
Update - 18 October 2016:- Sell stop not triggered
- Yesterday close formed an inside candle
Action plan:
- No changes to the trade set up as the inside bar conserving energy to the next move.
- Might remove set up if candle close higher today
- Set up let open and see how it goes :)
Order cancelled
Update 19 October 2016:- Price move upwards and didnt trigger my sell stop
- Sell stop cancel due to upcoming CAD rate release. Might get another chance to short if price reacted at 1.01 resistance area
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