This has retraced to the point I marked out in my previous post for this pair. This was a very strong downward move so I want to let it settle before opening a long. Also MACD has dropped below 0 and EMA's have crossed lower so I want to see these turn back higher before longing.
I have set TP at 1.00482, I expect a lot of resistance there and above
This is just short of the TP I set on this pair in my previous post but personally I have closed the trade, I think this is going to retrace soon as it is now overbought on 4HR and daily timeframes. It may still hit that TP but I prefer to secure the profit as a lot of AUD pairs are looking overbought.
So now I will monitor this pair for a retrace to the support...
Been monitoring this for a few days as it has been close to resistance. It has now risen to this resistance perfectly and if it breaks above we can enter longs. It may hold up just beneath this at first but you should keep an eye on this for a breakthrough.
There is not a very clear resistance level for a TP but we can use the price of 1.00000 as this may be a...
AUD has been unstoppable this week, which has made it impossible to sell this pair. We have wiped out the prior high again but we remain above significant structure so we cannot sell until the price clears that level marked. Personally, I am more inclined to sells but I will go with the flow and not get caught with a bias. I assume the majority of sentiment is...
I have set a sell limit slightly above the body of the strong bearish candle, In hopes that price comes up to stop loss hunt 4HR swing traders. As they get stopped out, we get entered in. Volume is very slow this week and that is being reflected as indecision, hopefully things begin to pick up later on in the week.
We may actually be ready to witness the long awaited structure shift on AUDCAD. Price wiped out the double top sellers with that strong liquidity push to the upside as well as trapping more sellers at the ascending channel break. I would assume this is enough for the banks to now create a strong move, we may see a slight pullback before continuation.
- Touch of supply zone, expected move upwards to fill the demand zone
- Uptrend formed, failing to break below to the next demand zone
- Target placed at the demand zone
- Stop loss placed below the supply zone.
AUDCAD - Buy running.
The entry price, SL and multiple TPs are shown on the chart.
Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish should you decide to enter.
What is our strategy?
Our strategy is a trend following strategy, can...
I would like to see a slight pullback to re-test the previous order block-level marked. The SL is protected by the daily ATR range and the TP is at a strong daily demand level. If we see price retrace slightly more I may consider setting a buy limit in hopes of getting a wick entry on this pair.
The only thing that could be potentially detrimental to this idea is...