it's been a long time without posting. I've continued doing some analysis on the italian section but i've not had the time to publish my analysis here also. I'll try to publish more on the following weeks.
I'm back with a very interesting analysis on AUDCAD . I'm not used to trade on Friday but i wanted to bring you something because i think it represents perfectly my idea of an ideal trade.
Starting from the , this pair has been lately on a big downtrend, and is now having a relief rally that led it to test the actual levels that are a major reference point on that chart because of the structure (looking left). With this in mind, i want to go down on lower timeframe and find confirmations toward my short bias. As soon as you get to the 4H, you'll see we're overbought on the and the price has completed two important patterns (a , and an ) in the same spot. Moreover, on the hourly timeframe (the one you see above), there's a forming up that can be our trigger point for a short trade.
Stops would go above the , targets as shown on the chart.
If you have any idea/comment, feel free to write below.
Otherwise, see you in the next chart!