Long

Updated

AUDCAD Long

Watching this one, I think the short is missed to point 1, but I'm also watching to see if it tries to push up above the current resistance level.

If we cross up, I'll be looking at point 2 for a retest style entry.

If it carries back down to the support level below in point 1, I'll watch for a reject/retest type entry there to come back up to the major resistance level @ 0.923 as the target for either situation.

We have a break in the major trend line that has been coming down from the top level, looking to trade price back up to that level.

No entries planned at the moment, just alerts and see where the retest will happen. Most likely, we go back down to the point 1 level and then major move up from there from a double bottom type pattern I would think, looking at the slight downward slant of the double top at the current resistance.

Reposting so the chart is up to date and shows what I'm looking at while making the Idea, cant find the refresh chart for the post like we had before***

Trade active

Buy taken at point 1, Etry is 0.90678 hedge stop at 0.905

Trade closed manually

Trading stopped, closing the computer for a day or two, Not doing things right so I need to regroup

Trade active

Following the rules, at a key level, retest the level, entry at 0.90663, hedge stop placed at 0.9052, just below the the level

Note

0.9055, little tighter hedge stop so it has room to work if it fails

Note

Looking fairly well so far, the strong reaction from here before shows it's a valid level for a trade. Expecting a large w style pattern to form here, with here being the start of the last leg of the pattern

Note

Final leg of a small and large pattern w, so double w

Note

Should price not push up from here before the close of the day, I will close and renter after open (high spread, cheaper move)

Note

Hedge sell moved to 0.9040, 26 pips of risk, just below a previous extreme low at this level

Note

Fairly confident we're going to work back up, the level is just dug into a good bit, and getting rejection

Trade closed manually

For the account I have to work with, this is not a very swing friendly spread, 38 pips, so I'm out and I'll come back to this pair when I love to the commission account. Once spread drops, just cutting the trade, despite price moving up now 😆

Trade active

Going to drop the sell losing 27.1 pips, and setting a stop loss on the buy at .9030 with intent to close before the close of today (still think it's going, but that spread 🙈)

Note

Bit noisy, but looks to be a fishhook style pattern

Note

Aussie dollar is starting to gain in strength to the Canadian, observing general currency strength, adding to the possibility this may be a true fish-hook, just a lot of noise

Note

Setting the target on this one now for .912

Note

Currency Strength is equalizing, with a great pullback up to the .9060 level where most orders seem to be buying. Lot of confidence for the trade at this point

Note

Setting trade to risk free halfway to target

Trade closed: stop reached

Stop was set a little ahead of target (Was half asleep) and then hit on the retest for 6 pips profit. Comission account is ready, going to watch and note spread then come back to this one

ForexStoryteller

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.

ForexStoryteller