AUD/CAD - My Go To Setup. Now I Wait.
Chart: Daily time frame
Market Trend: Bullish (Daily)
Dominant Trend: Bullish (D, W, M)
Bearish Indicators
1. Price closed below monthly/weekly resistance level @ 1.01800
2. Monthly chart shows a high test (pin bar) & double top candlestick pattern
3. Weekly chart displays a doji candle within an inside bar + the proceeding
candlestick gaps lower and is creating a high test candle
The Daily Chart: What I'm Waiting For
Due to the higher time frames screaming bearish reversal on the monthly/weekly chart,
I'm now looking for bearish evidence on the daily chart to stack confluence in my favor.
This is my go to setup on the lower time frames (1HR & 4HR) , so to see this on the daily it's quite significant.
Here's what I'm asking myself before taking this position:
Is this pair ready to be shorted? No. Not yet.
What does price need to do in order to convince me it's ready to be sold?
The following on daily chart:
1. Close below both the 50 EMA and upward sloping trend line
2. Price then needs to pullback to the trend line resistance or key resistance level
to be considered an ideal entry
3. Bearish candlestick pattern at or near resistance levels
BIAS - Bearish
What's your go to setup?
Let me know in the comments below!
Market Trend: Bullish (Daily)
Dominant Trend: Bullish (D, W, M)
Bearish Indicators
1. Price closed below monthly/weekly resistance level @ 1.01800
2. Monthly chart shows a high test (pin bar) & double top candlestick pattern
3. Weekly chart displays a doji candle within an inside bar + the proceeding
candlestick gaps lower and is creating a high test candle
The Daily Chart: What I'm Waiting For
Due to the higher time frames screaming bearish reversal on the monthly/weekly chart,
I'm now looking for bearish evidence on the daily chart to stack confluence in my favor.
This is my go to setup on the lower time frames (1HR & 4HR) , so to see this on the daily it's quite significant.
Here's what I'm asking myself before taking this position:
Is this pair ready to be shorted? No. Not yet.
What does price need to do in order to convince me it's ready to be sold?
The following on daily chart:
1. Close below both the 50 EMA and upward sloping trend line
2. Price then needs to pullback to the trend line resistance or key resistance level
to be considered an ideal entry
3. Bearish candlestick pattern at or near resistance levels
BIAS - Bearish
What's your go to setup?
Let me know in the comments below!
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