AUD/CAD is currently in a downward channel
Price has stalled and traded sideways for the past 2 days at a resistance zone.
I am waiting for price to break below the uptrend line on the 1hr timeframe which is extremely close to doing so at the moment.
I have set the following pending sell stop order to capitalize off the trendline break.
PAIR = AUD/CAD
ORDER TYPE = SELL STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 0.92228
STOP LOSS = 0.92999 - 77 PIPS / $7.70 LOSS
TAKE PROFIT = 0.90021 - 220 PIPS / $22.20 GAIN
Price has stalled and traded sideways for the past 2 days at a resistance zone.
I am waiting for price to break below the uptrend line on the 1hr timeframe which is extremely close to doing so at the moment.
I have set the following pending sell stop order to capitalize off the trendline break.
PAIR = AUD/CAD
ORDER TYPE = SELL STOP (PENDING ORDER)
LOT SIZE = Micro lot (0.01) (0.02)
ENTRY PRICE = 0.92228
STOP LOSS = 0.92999 - 77 PIPS / $7.70 LOSS
TAKE PROFIT = 0.90021 - 220 PIPS / $22.20 GAIN