AUDCAD - A Quick BUY Opportunity!
Updated
- Round number
- 2014 yearly low
- Fibonacci Extension
- ABC equal waves C point
- RSI Divergence on 4H
- Previously worked support levels
- The trendline since Oct. 2018.
The touch has to be pretty quick because of the trendline. The ideal area is slightly below the trendline and if the price stays there for a while then this could be a bad sign because then we have a trendline breakthrough which will be an indication that the mid-term uptrend is over.
Remember, the price can't stay below the trendline too long but we have to let it fall lower than this because the ideal entry point is around the round number 0.94000!
"Your primary goal has to be to learn how to think like a consistently successful trader.
Remember, the best traders think in a number of unique ways. They have acquired a mental
structure that allows them to trade without fear and, at the same time, keeps them from
becoming reckless and committing fear-based errors."
– Mark Douglas
Feel free to support my idea post by hitting the "LIKE" button, it is my only fee from You!
Have a nice week,
Cheers!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
- 2014 yearly low
- Fibonacci Extension
- ABC equal waves C point
- RSI Divergence on 4H
- Previously worked support levels
- The trendline since Oct. 2018.
The touch has to be pretty quick because of the trendline. The ideal area is slightly below the trendline and if the price stays there for a while then this could be a bad sign because then we have a trendline breakthrough which will be an indication that the mid-term uptrend is over.
Remember, the price can't stay below the trendline too long but we have to let it fall lower than this because the ideal entry point is around the round number 0.94000!
"Your primary goal has to be to learn how to think like a consistently successful trader.
Remember, the best traders think in a number of unique ways. They have acquired a mental
structure that allows them to trade without fear and, at the same time, keeps them from
becoming reckless and committing fear-based errors."
– Mark Douglas
Feel free to support my idea post by hitting the "LIKE" button, it is my only fee from You!
Have a nice week,
Cheers!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
Trade closed: target reached
Nice bounce from the box to the marked target area!
Related publications
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.