Price on the daily time frame is creating HL's and LL's indicating movement to the downside. A daily Fibonacci retracement to the 61.8. Also my level acted as a resistance level. Price also came shy from my daily descending trend line. Price created relevant price action giving us conformation to go short.
As you can see from price action that 1.31500 is holding pretty strong. Price created a shooting star on the 2H. This is a counter trend trade, looking to take it down to the daily ascending trend line. 120pips TP. 1:4 R/R
As you can see there are multiple rejections to the upside indicating a lot of selling pressure. On the daily time frame price is creating lower highs and lower lows. Also on the 1 hour price has created relevant price action.
Earlier on the week I suggested price for AUDCAD will rise but from price action i was able to get out of the trade and preventing myself from getting a bigger loss. Overall on the daily chart price is in a downtrend. So, i feel like price is going to decline as it respected the 38.2 fib level and also my resistance. Giving me the opportunity to go short.
AUDCAD on a weekly level for me as off now. Looking at the bigger picture price has rallied up and created a pull back to this level. Feel like sellers are out of juice and buyers are getting in control. Lets see how this plays out.
Price has created a false breakout from my trend line. This shows me that price will continue to rise. Targeting the 0.955 level for a nice 45 pips, potentially could go higher but got to secure the bag.
As you can see price has respected my upper 4 hour trend line. Has also closed below my key level. This gives a nice chance to short. Targeting the 1. 725 level for 155pips! Great risk/reward ratio. LETS GET IT.
We have entered a long position because as you can see that price has respected my 4 hour trend line. After testing the trend line price closed above the 140.500 level giving us a nice opportunity to go long. We are targeting the 141.500 level for a nice 80 pips!
Price has broken through the daily trend line and has retested it. After the retest price closed below the 1.14000 level giving us a nice opportunity to short. Targeting the 1.13500 level for a nice 35 pips.
As you can see that it broke out the triangle pattern and has created a retest. This gives us a nice opportunity to enter for a long position. It retested of the 108.500 level. Targeting the 109.000 level for a nice 35 pips, with a nice 1:1 risk/reward ratio.