CADAUD look bearish as both currencies look for retracement
Updated
Setup: CAD had a good run and looses momentum at previous key levels. Way overbought on both RSI and Stoch. AUD looking pretty much other way - pulled down with NZD but looks to form a H&S on it's 60m chart. Currently sitting on previous key level and way oversold.
We're looking for a shorter move since it's basically an anti-trend trade. Enter now. Stop loss can be a little tighter than usual as it's a scalpy kind of trade.
We're looking for a shorter move since it's basically an anti-trend trade. Enter now. Stop loss can be a little tighter than usual as it's a scalpy kind of trade.
Trade closed: stop reached
Really stupid to trade against the trend on this one. Need to check what happenedNote
Actually: Might not be too bad... AUD has gone a bit lower than I thought it would but its still within reason for it to turn. I'm going to check what happens during the day for learning purposes. Another note to self: Wide stop losses.Note
On a further note: This was an overconfidence rate. However, the idea is not only bad - CAD is tracing down as expected and AUD still looks like it might turn around. I looked further and see that AUD broke out of its channel and is now retracing to channel top which is imminent, so now we're waiting for that event before further action.For science, I'll go short CADAUD and CADJPY, where JPY is clearly trending bullish and AUD is waiting for upturn.
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