Roker1
Short

AUDCAD back to structure: short time!

FX:AUDCAD   Australian Dollar/Canadian Dollar
Hey guys,
this analysis may come too late, for this setup met my rules for entry at the previous close, but i want to share it anyway because maybe the price will come back to retest the entry zone. And there i will be waiting for my orders to be filled.
Price is testing a daily resistance zone (blue box) and it's already OVERBOUGHT, that's when i start to look for trading opportunities down on 4hr and 1hr charts. This time we put an engulfing kicker on the 4hr chart.
If you follow me you would remember one or two shorts on this pair last week, i got stopped out both times. But keep in mind, the last trade doesn't change your overall edge on the market. Don't be affected by the last trades' results.
My order will be placed at 1,0061s
Stops and targets as in the chart above.

If you have any question or remark feel free to write it below.
Otherwise, see you in the next chart.
Comment: Most conservative traders could wait for the break of the double top's neckline and then short the retracement:
snapshot
Trade closed: target reached: First target hit! Move your stop to breakeven
Trade closed: target reached: Second target hit! Roughly +210 pips for this trade
Se sei d'accordo, lascia un mi piace! Grazie
Canale Italiano: https://www.youtube.com/c/MisterForexIT
Ultimo video: https://youtu.be/0rIFF-j4kdM

If you agree, like this chart! Thanks
My last (english) videoanalysis here: https://youtu.be/RUySg8LW6Iw
United Kingdom
United States
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out