Audcadlong
Forex Trading, AudCad ResultForex Trade
Result Audcad
4 October 2020
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The pair went further down hit my sl before making its way up..
Made an early entry and paid the price.
Lesson never make and early entry .
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Note : Forex trading is very RISKY, you will lose all your money if not careful with your risk
management. USE PROPER RISK MANAGEMENT.
: Use your own strategy and to reconfirm setups before taking any trades.
Long AUDCADThis pair was in an uptrend until it got range bound about 2 months ago. These s/r zones that I have marked have shown their relevance several times already and price is being held by the lower one again. Also see the H4 view in my chart below.
A long trade here provides an excellent R/R.
Please use sound risk and money management in all your trades.
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AUDCAD ON A CHANNEL// DAILY TIME FRAME AUDCAD
The price is currently on a channel on a daily chart and I consider that the price will respect the purple line and go back up again to touch the red dotted line near level 0.96263.
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El precio esta de momento en un canal en la temporalidad diaria y considero que el precio respetara la zona morada punteada como un piso y volverá a subir para tocar la linea punteada roja y la linea de tendencia morada cerca del nivel 0.96263.
AUD/CAD Technical Analysis
The counter is currently trading around a strong resistance zone that triggered a sell-off previously.
According to the wave, it has now completed the ABC correction for the down move it made.
Further, the entire setup looks like a head and shoulder in the higher timeframes.
Hence, we expect the pair to move down from here.
AUD_CAD STRUCTURE LONG|TRADING PLAN
BIG picture
AUD_CAD IS TRYING TO BREAK THE RESISTANCE BEING IN A TRIANGLE AT THE CHANNELS END|
(1) Either wiggle in the triangle OR straight upwards.
(2) After breakout>>> LONG after pullback.
(3) Targets on the chart.
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