Hello fellow traders,
Today, we're keeping a close eye on a potential long opportunity in the
AUDCAD currency pair. Let's dive into the analysis:
📈 Upward Trend: The overall trend for this pair is in an upward direction, and it has been moving within an ascending parallel channel.
🛠️ Support Break: However, a noteworthy event has occurred - the support within the parallel channel has been breached.
📉 Lower Lows: Prior to the support break, AUDCAD was forming lower lows, signaling a potential shift.
🤔 Assessing the Situation: Now, there's a support level beneath the ascending channel, creating a possibility for a fakeout before a potential upward move.
❗ Caution: It's essential to acknowledge the risk involved. There's only a limited chance of success as this level has been previously tested.
💡 Wait for Confirmation: We should exercise patience and await a confirmation candle before making a decision. This is a critical step in risk management.
📌 Stay Informed: I'll keep you posted on whether it's a viable entry or not once we have the confirmation candle. Stay tuned!
Until we meet again, trade wisely.
Thanks & regards,
Alpha Trading Station 🌟
Today, we're keeping a close eye on a potential long opportunity in the
AUDCAD currency pair. Let's dive into the analysis:📈 Upward Trend: The overall trend for this pair is in an upward direction, and it has been moving within an ascending parallel channel.
🛠️ Support Break: However, a noteworthy event has occurred - the support within the parallel channel has been breached.
📉 Lower Lows: Prior to the support break, AUDCAD was forming lower lows, signaling a potential shift.
🤔 Assessing the Situation: Now, there's a support level beneath the ascending channel, creating a possibility for a fakeout before a potential upward move.
❗ Caution: It's essential to acknowledge the risk involved. There's only a limited chance of success as this level has been previously tested.
💡 Wait for Confirmation: We should exercise patience and await a confirmation candle before making a decision. This is a critical step in risk management.
📌 Stay Informed: I'll keep you posted on whether it's a viable entry or not once we have the confirmation candle. Stay tuned!
Until we meet again, trade wisely.
Thanks & regards,
Alpha Trading Station 🌟
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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.
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.