I am expecting AUD to want to continue its bearish move after breaking out of a significant uptrend. I will only be trading this if we get new structure form as illustrated, until then I will sit on my hands because we don't know for how long this small uptrend will go on for.
Hi, Thank you for clicking on my scenario. In this scenario, I see the formation of a channel pattern. The red line above is the resistance that keeps the price on hold to go up sharper, and the green line below is what keeps the amount going up and doesn't go bearish. Still, now the price has broken the green range meaning the trend from AUDCAD to Bearish and...
AUDCAD sell now valid, time to join in still for sure.
Sell position now valid on AUDCAD, our strategy does the hard work and we simply follow - our strategy has numerous confluences built in already.
If it breaks below the ema 50 on the 1h chart I’d take it as a short term sell if it keep falling and passes it on the 4h chart then it’s gonna stay on that trend however if it goes past the next resistance level and consolidates above it then it’s gonna carry on its uptrend.
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