(4h) Bearish Bat // Target Fib Levels

FX_IDC:USDCAD   U.S. Dollar / Canadian Dollar

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Safe Trades;
Comment: @first target! - Close half position size, move stops to breakven. Hold it...
Trade closed: target reached: @2nd target
Damn nice prediction on this one!
AUDCAD is possibly at a difficult turning point - if at all - at the moment. I'm not advising what people should or shouldn't do. Look at snapshot below.
1. There is a daily trend down on the 1D. Daily trends usually from my experience carry more weight than lower time frames.
2. There is an uptrend on the 4H that has just broken - and signs of some possible development of a head and shoulders (in this case two left shoulders and a right - yes, I know tradition says their can only be two shoulders in total).
Trends may break and recover.
3. There is a band of soft support on the 4H.

For trend followers, the daily seems better to short but remembering that in trend following large stoplosses are usually necessary especially on daily charts with huge ATRs (and it depends on the individual traders acceptable loss threshold). Acceptable loss also has to be taken in relation to reasonable targets.
For 'swing traders' Trading_Jazz is spot on - but also recalling that the charts don't 'obey' harmonic patterns (as patterns only provide probability estimates).

Captain_Walker Captain_Walker
Blimey - wrong pair - apologies for the above.
GrantShuttleworth Captain_Walker
haha nice analysis though Captain Walker!
Will touch 38 ?
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