AUDCAD end of wave 3, ABCD Pattern and Fibonacci 1.886
Updated
AUDCAD is moving in its major descending channel, before continuing its decline there must be a secondary movement before the price can continue its decline, in this idea we take a long position at 0.9256 which coincides with the Fibonacci ratio of 1.886 and the ABCD pattern (AB=CD or 1=2)
SL: 0.9207 (48 pips)
TP: 0.9447
RR 1:4
SL: 0.9207 (48 pips)
TP: 0.9447
RR 1:4
Note
sorry i wrote it wrong i mean 1=3 not 1=2Trade active
in this idea I will risk 2R because it looks like the candle has broken through the doji in the previous candle, I'm afraid we will miss the entry
Instant Buy 0.9281
SL: 0.92263 (55 pips)
TP: 0.94479
RR 1:3
Buy Limit 0.92559
SL:0.92079 (48 pips)
TP: 0.94479
RR 1:4
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.