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Audcadsell

AUDCAD approaching major resistance, watch for a potential drop!AUDCAD is fast approaching major resistance at 0.9705 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push prices all the way down to major support at 0.9644 (Fibonacci retracement, horizontal pullback support). Stochastic (89,5,3) is seeing major resistance at 91% where a corresponding reaction could occur. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by Tickmill
Harmonics with Structure!Hey guys, here we are on AUDCAD hourly chart. As you can see price has created 4/5 point of the Bat pattern. Now we're just waiting for its completion to come; the black line represents a previous level of daily structure, and that increases the chances we can get a reversal from there. Stops above X, targets as usual in harmonic patterns. If you have questions, or if you want to share your viewpoint, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Bat Pattern on Daily StructureHey guys, here we are on AUDCAD hourly chart. As you can see price has created 4/5 point of the Bat pattern. Now we're just waiting for its completion to come; the black line represents a previous level of daily structure, and that increases the chances we can get a reversal from there. Stops above X, targets as usual in harmonic patterns. If you have questions, or if you want to share your viewpoint, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
Power of Candlesticks (AUDCAD analysis)Hey guys, today i want to show you the power of candlestick combined with structure. Here is the 4H chart on AUDCAD, and the price is coming back to retest the 618 level of the bigger daily impulse; this level also lines up with a structure (that you can see if you scroll the chart). With this two level i was able to draw a box where i can search for shorting opportunities down on lower timeframes, and that is what happened. As soon as price reached this zone it stopped its upward move and gave us a strong selling pressure signal (pinbar) followed by an engulfing candle. In order to get the real power of candlestick you can sometimes combine 3-4 candles together and see what's coming out. In this case on the right i've drawn the result and it shows us very strong sellers. At this point, knowing the level it's so much important i want to short at the first retracment. Stops above highs, first target at 1,5:1 RR and second target to be determined. If you have questions or you want to share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
1
Candlestick Power (AUDCAD analysis)Hey guys, today i want to show you the power of candlestick combined with structure. Here is the 4H chart on AUDCAD, and the price is coming back to retest the 618 level of the bigger daily impulse; this level also lines up with a structure (that you can see if you scroll the chart). With this two level i was able to draw a box where i can search for shorting opportunities down on lower timeframes, and that is what happened. As soon as price reached this zone it stopped its upward move and gave us a strong selling pressure signal (pinbar) followed by an engulfing candle. In order to get the real power of candlestick you can sometimes combine 3-4 candles together and see what's come out. In this case on the right i've drawn the result and it shows us very strong sellers. At this point, knowing the level it's so much important i want to short at the first retracment. Stops above highs, first target at 1,5:1 RR and second target to be determined. If you have questions or you want to share your view, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2