Entry Order Buy: AUD/CAD
Updated
Entry Order - 0.95995
SL - 0.9584
TP1 - 0.96318
TP2 - 0.96163
On the 1Day, 4Hr and 1Hr chart the price for AUD is Trending upwards. This is confirmed by being above the 200 day SMA and being above the Ichimoku Cloud on all 3-time frames. The 1Hr Stochastic is showing a price reversal, this could just be due to traders exiting their orders prior to the session closing, but I think there is enough evidence to suggest the price will continue to be bullish. Heiken Ashi candles are showing clear reversal to a bullish price direction with thick bullish candles with no wicks. There is no major impacting news for the next couple of days for AUD or CAD, so hopefully, normal trading will resume when the markets open. I have set a 1:1 risk/reward for the first 1TP, which sits in line with the most recent higher-higher of the price trend. Then I have set the second 2TP just shy of the higher support level from the previous price action which is a 1:2 risk/reward.
SL - 0.9584
TP1 - 0.96318
TP2 - 0.96163
On the 1Day, 4Hr and 1Hr chart the price for AUD is Trending upwards. This is confirmed by being above the 200 day SMA and being above the Ichimoku Cloud on all 3-time frames. The 1Hr Stochastic is showing a price reversal, this could just be due to traders exiting their orders prior to the session closing, but I think there is enough evidence to suggest the price will continue to be bullish. Heiken Ashi candles are showing clear reversal to a bullish price direction with thick bullish candles with no wicks. There is no major impacting news for the next couple of days for AUD or CAD, so hopefully, normal trading will resume when the markets open. I have set a 1:1 risk/reward for the first 1TP, which sits in line with the most recent higher-higher of the price trend. Then I have set the second 2TP just shy of the higher support level from the previous price action which is a 1:2 risk/reward.
Trade closed: stop reached
Trade reversed and hit SL.Trade active
I have re-entered the trade with 0.5X more units with the below set up...Note
Trade closed: stop reached
Note
It got to my 1st TP in the end!
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