AUDCAD - Sell Stop
Updated
AUDCAD has strong domination of the selling side as shown in the chart.
Few of the points that show the price should go down is that the price has already touched 78% Fib retracement and the divergence on the 4h chart shows the momentum of the buyers has decreased.
We'll sell when the price breaks the previous low and should continue to go down. The price will then also break the trendline.
The strategy to win more and loss less is to have two trades with one as TP1 and the other as TP2, then TP1 hit then change the stoploss of other trade to breakeven making it risk-free trade.
The risk-reward by this will be 1:1.5.
Few of the points that show the price should go down is that the price has already touched 78% Fib retracement and the divergence on the 4h chart shows the momentum of the buyers has decreased.
We'll sell when the price breaks the previous low and should continue to go down. The price will then also break the trendline.
The strategy to win more and loss less is to have two trades with one as TP1 and the other as TP2, then TP1 hit then change the stoploss of other trade to breakeven making it risk-free trade.
The risk-reward by this will be 1:1.5.
Note
Trade closed: target reached
TP Hit
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