I had this currency pair on my watch list for this week after analysing the WEEKLY chart, and whilst looking through the DAILY time frame I spotted a potential long trade.
I spotted a pattern I have just started to test out, you have 3 bars involved. In this instance we see a good pullback to previous structure, the first bar looks like a potential low test bar,...
FX:AUDCAD
Overbought on previous resistance zone;
SHARK:
Point B:
61.8% X A
Point C:
113% to 161% A B
Point D:
161% to 224% B C
88.6% to 113% X C
Target:
38.2% to 100% C D
Safe Trades;
FX:AUDCAD
CYPHER:
Point B:
38.2% to 61.8% XA
Point C:
127% to 141% ext XA
Point D:
78.6% XC
Target:
TP1 38.2% CD
TP2 61.8% CD
Safe Trades;
open.spotify.com
FX:AUDCAD
CRAB
Point B:
38.2% to 61.8% XA
Point C:
38.2% to 88.6% AB
Point D:
161% ext XA
224% to 316% ext AB
Target:
TP1 61.8% CD
TP2 127% CD
Safe Trades;
open.spotify.com
FX:AUDCAD
With a double bottom at daily support, the price rally and found support @0.966 forging a daily resistance (also H4 and H1 resistance);
After that, the price start a retracement that i expect to hit the 61.8% retracement below weekly resistanceW1 (broken, can act as support now);
IF the price hit my expectations, i will THEN seek an argument to...
most likely going to retrace after that move lower. Momentum fairly flat and trend is wavy. Holiday tomorrow so could be a retracement from trades being closed.
FX:AUDCAD
What to say ? Almost completed Bullish bat to buy when/if completed close to daily support D1, that will forge a point C for an eventual Bearish Bat targeting @0.955$, creating one eventual nice option to sell there, or eventualy, the weekly resistance W1. (test or break)
At this moment, i have a short running below H4 broken support, targeting a...
This morning was such a blessing when I got over 3 trades all in the gap and nicely in the money. The AUDCAD pair began the week with a gap down which it has gone up to fill and is currently resuming it's bullish sentiment. Going long is not a bab choice here.
You want to capture such opportunities as they happen. Follow me the forex god and I give these trades...
IF=THEN lifestyle with FX:AUDCAD
Below Monthly Support (MN1), expectations of a downward continuation move, eventualy forging a point C for a Bearish Shark around 0.87520, point C for a Bearish Cypher around 0.85654 or even further and completing a Bullish Bat pattern around 0.76322 giving us simultaneously a "new" Low since Feb09 and an eventual strong Buy...
If the price pullbacks to .955999 or.95887 level, I think it is a very good possibility to buy this pair. I expect a 250 pips profit in this trade. Stop loss can be placed in between 61.8% or 78.6% fib levels.
