AUDCAD : Bull tunnel entry post 9 week breakout up! 30.5
Simple technicals combined with a broad perspective.
1) Resistance trend-line ongoing since April 5th was broken 24th may, indicating bull trend initiating.
2) Since breakout, connecting lows and highs are parallels indicating a consistent up-trend in the shape of a tunnel.
The range of the tunnel is 0.980 to 0.916 , current rate is 0.911.
A break below 0.980 with a daily close would confirm downside potential to 0.9000.
So buying now and placing a stop lower than 0.980 is the first option with a TP at 0.916.
Second option is to to wait for a 4h candle close break above 0.916 and TP at 0.9222 with a SL back below at 0.9135.
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I hope you this was helpful! If you found that it was, please like and follow! Would truly mean a lot.
Thank you so much for reading - I encourage you to ask questions, make comments.. I promise to reply to each one.
I am not a financial advisor and it's best to make your own research and trade cautiously.
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1) Resistance trend-line ongoing since April 5th was broken 24th may, indicating bull trend initiating.
2) Since breakout, connecting lows and highs are parallels indicating a consistent up-trend in the shape of a tunnel.
The range of the tunnel is 0.980 to 0.916 , current rate is 0.911.
A break below 0.980 with a daily close would confirm downside potential to 0.9000.
So buying now and placing a stop lower than 0.980 is the first option with a TP at 0.916.
Second option is to to wait for a 4h candle close break above 0.916 and TP at 0.9222 with a SL back below at 0.9135.
---------------------------------------------------------------------------------------------------------------------
I hope you this was helpful! If you found that it was, please like and follow! Would truly mean a lot.
Thank you so much for reading - I encourage you to ask questions, make comments.. I promise to reply to each one.
I am not a financial advisor and it's best to make your own research and trade cautiously.
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Trade closed: stop reached:
Drop below tunnel trend-line discarded the upside potential and opened massive downside.