AUD/CAD: Short position pending
Updated
Australian Dollar/Canadian Dollar look bearish from this point. what it's a good place to put a sell order limit. Personally, I put my sell order limit to $0.8655 CAD. Stop Loss to $0.8692 CAD and take profit to $0.8564 CAD. We have the chance to get 91 pips in earnings. What I analyze this par using Fibonacci for reversion and impulse, and we could to have another opportunity to put your sell order limit as I show now.
This it's the H1 timeframe, what I see a possible liquidation point in this upside, this it's a smart point to sell. Remember, Forex market it's very manipulated and you will need a strong psychology to trade this amazing market. We see in the pass that maybe the 0.618% was a 2 opportunities to entry in short, what we have another opportunity yet to entry and put our sell position in the block and in the smart point like this. and not entry yet as sometimes this could be a volatile market and market trap for unexperienced.
This it's the H1 timeframe, what I see a possible liquidation point in this upside, this it's a smart point to sell. Remember, Forex market it's very manipulated and you will need a strong psychology to trade this amazing market. We see in the pass that maybe the 0.618% was a 2 opportunities to entry in short, what we have another opportunity yet to entry and put our sell position in the block and in the smart point like this. and not entry yet as sometimes this could be a volatile market and market trap for unexperienced.
Note
Update:
AUD/CAD forming this bearish channel of continuation. So, I would keep this short position from $0.8655 CAD. What I'm in loss of 15 pips approx. But the trade could be in our right direction, what I look another entry in the yellow resistance zone that work as market trap. So, I would hope that this trade continue develop. Meanwhile, in case that hit my SL, i will look the level of $0.8687 CAD and watching for confirmation.
Keep this trade in hold!!!
Note
Update:We're ok in this trade and AUD/CAD it's dropping now as I predicted very well. Well, this was a pretty excellent this trade, but I want to add in my next review of this analysis the only thing to improve when to analyze the smart point to sell and also a little more patience when were the exact point to catched this smart entry.
But for now, we're ok and in profit with 27 pips in profit.
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