AUDCAD- Possible sell setup
Liquidity Sweep:
At the top of the recent price movement, the chart indicates a "Liquidity Sweep" just above a resistance level, where stop-loss orders are likely triggered. This suggests a potential reversal zone after the liquidity grab.
Sell Limit Order:
A sell limit order is placed slightly below the liquidity sweep, indicating that the trader expects the price to reverse downward after collecting liquidity at the highs.
Stop Loss:
The stop loss is set above the high of the liquidity sweep, suggesting the trade idea assumes the price should not go higher once the liquidity is swept.
Take Profit (TP):
The take profit zone is set near a previously identified support area. The green horizontal line marks a level around 0.91233, which aligns with a Daily Time Frame Order Block (Daily TF OB). This suggests the target for the trade is for the price to drop to this support level.
Trendline:
There is a dashed trendline showing the overall upward trend before the potential reversal. If the price breaks below this trendline, it could confirm the bearish move toward the take profit zone.
The strategy here likely assumes a retracement following the liquidity sweep, with a short position targeting the support level near the daily order block.
Sell Limit : 0.92479
Stop Loss : 0.92872
Take Profit : 0.91236
At the top of the recent price movement, the chart indicates a "Liquidity Sweep" just above a resistance level, where stop-loss orders are likely triggered. This suggests a potential reversal zone after the liquidity grab.
Sell Limit Order:
A sell limit order is placed slightly below the liquidity sweep, indicating that the trader expects the price to reverse downward after collecting liquidity at the highs.
Stop Loss:
The stop loss is set above the high of the liquidity sweep, suggesting the trade idea assumes the price should not go higher once the liquidity is swept.
Take Profit (TP):
The take profit zone is set near a previously identified support area. The green horizontal line marks a level around 0.91233, which aligns with a Daily Time Frame Order Block (Daily TF OB). This suggests the target for the trade is for the price to drop to this support level.
Trendline:
There is a dashed trendline showing the overall upward trend before the potential reversal. If the price breaks below this trendline, it could confirm the bearish move toward the take profit zone.
The strategy here likely assumes a retracement following the liquidity sweep, with a short position targeting the support level near the daily order block.
Sell Limit : 0.92479
Stop Loss : 0.92872
Take Profit : 0.91236
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.
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.