Bearish Continuation Pattern on AUDCAD - Potential Short Trade
Introduction:
AUDCAD is showing signs of a bearish continuation pattern on the H1 chart. A sharp move down was followed by a pullback forming a bearish flag pattern.
Entry and Target:
We can enter a short trade after a confirmed breakout below the flag's lower trendline. Our target is set at 0.86533, based on the height of the preceding flag pole projected downward from the breakout point.
Stop Loss:
For risk management, we will set the stop loss at 0.88888, just above the high of the recent fractal bar.
Note: This analysis is for informational purposes only and not financial advice. Remember to conduct your own analysis and risk assessment before making any trading decisions.
AUDCAD is showing signs of a bearish continuation pattern on the H1 chart. A sharp move down was followed by a pullback forming a bearish flag pattern.
Entry and Target:
We can enter a short trade after a confirmed breakout below the flag's lower trendline. Our target is set at 0.86533, based on the height of the preceding flag pole projected downward from the breakout point.
Stop Loss:
For risk management, we will set the stop loss at 0.88888, just above the high of the recent fractal bar.
Note: This analysis is for informational purposes only and not financial advice. Remember to conduct your own analysis and risk assessment before making any trading decisions.
Trade active:
Took short entry at 0.88441
Comment:
Moved trailing stop to above previous high on H1
Comment:
Moved trailing stop to above previous high on H1
Trade closed manually:
Trade closed, 2nd trailing stop hit.