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Audcadsetup

AUDCAD SHORT As we can see with the pair, price has been moving in a bullish direction for several day. The current price behaviour seems to suggest that we might be in for a short term bearish correction. Price is showing signs of exhaustion shown by a potential break of market structure which further suggestion a change from a bull to a bear market in the short term. By looking at the Daily chart we can see a double top pattern formation and when we drop down H4 chart, this pattern becomes much more clearer. We can also see a long bearish pin bar pattern which formed around the high of the current month. With that be said, we will be waiting for price to breakout and close below our key level as confirmation of the trade setup .Once this breakout occurs we will than wait for the retest of this key level before looking for any entries. Our target area is located around the low of the previous month of Feb. The potential risk reward for this particular trade currently stands at around 5.33 to 1. We plan to hold this until target is reach or until price behaviour suggest otherwise and close the trade manually as per our trading plan.
Short
by NDOBObanks
AUDCAD - A beautiful series of 1-3-5 patternsAUDCAD is producing a beautiful series of consecutive 1-3-5 patterns. All with lower highs and lower lows. 1st set in Orange 2nd in Purple 3rd in Green 4th in Blue heading toward completion. We are looking for a stunning reversal at the completion of Blue 5 (if price gets there). Right now market has a fib ext of 2 so we can expect some short term buying perhaps but if this price drops below the last low (blue 3) we can staring looking for the LONG.
by enzenator
AUDCAD | Perspective for the new weekThe scope of a very strong bearish momentum on the daily time frame and a reversal set-up (double top) within the major supply zone at C$0.92400 shares a confluence with the bearish trendline to signal a selling opportunity for us in the coming week(s). Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Top) Observation: i. Despite a long term bearish momentum identified on the higher time frame, the last 30 days witnessed a consistent rise in the value of the Aussie over the Canadian dollar but the momentum appears to be thinning out and this can be identified on the chart as a double top structure. ii. Attempts made by buyers to break above C$0.924 was met with strong resistance during last week's trading session to insinuate that the bullish trendline may no longer be strong enough to hold price action above it. iii. It is worthy to note here that, the reversal set-up (double to pattern) awaits confirmation at the breakdown of key level @ C$0.91600 to incite the risk of a decline in price value in the coming week(s). iv. In this regard, I shall be waiting to take advantage of selling the Aussie anywhere below the key level @ C$0.916000... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:3 Potential Duration: 3 to 8days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
AUDCAD: Typical Price-Action Sequence Short! As mentioned in previous ideas, AUDCAD has succeeded one Buy-zone and is in the process of gaining entry to a secondary Buy-zone. However! A major pull-back is due. "Typical Price-Action Sequence" is one example of anticipated pull-back-trade-setup. Remember to always follow updates on shared ideas Note: Idea is to complement your research. Check comments section for future updates on idea. Like this idea? Like, Share, Comment, Follow, (...) Thank you. Happy Trading.
Short
by legacyliked