AUDCAD Bearish Continuation
Bearish continuation after multiple confluences.
First I will touch on market structure the daily time frame shows that we are making lower lows and potentially making a new leg down.
Secondly price retraced to discounted level at the .7400 level. Where on the the 4hr we had a few liquidity sweeps of sell side liquidity just before the change of character that happens at the .86250 level. After the change of character had happened price retraced back on the 4hr where we had an order block respected at .87060 area. On the 5 minute time frame we had a shift of strucutre from bullish to bearish off of the order block. That is where I entered a couple of short positions. One position has had TP hit and have another open at break even looking to get out at the low of the leg.
Now we see that price is continuing to make lower lows on the the 4hr which correlate with the daily trend.
First I will touch on market structure the daily time frame shows that we are making lower lows and potentially making a new leg down.
Secondly price retraced to discounted level at the .7400 level. Where on the the 4hr we had a few liquidity sweeps of sell side liquidity just before the change of character that happens at the .86250 level. After the change of character had happened price retraced back on the 4hr where we had an order block respected at .87060 area. On the 5 minute time frame we had a shift of strucutre from bullish to bearish off of the order block. That is where I entered a couple of short positions. One position has had TP hit and have another open at break even looking to get out at the low of the leg.
Now we see that price is continuing to make lower lows on the the 4hr which correlate with the daily trend.
Trade closed: stop reached:
Stop was hit, still have a bearish bias. Going to stay out till I see a new leg then look for entries when in discount.