AUDCAD: Potentially very interesting setup

FX:AUDCAD   Australian Dollar/Canadian Dollar
In the current enviroment, it's nice to add a 'long Canada/short Asia' trade, and this is what this setup is.
Currently the trend is up in the weekly but there seems to be a chance for a sharp decline in the daily chart .
Risk to reward makes for a great trade if it works, so it's worth it to risk at least 1/2 position on it.
Props to @Synapse here for mentioning this pair to me today, I've been waiting to long Canada again, and this seems like a good vehicle for such trade.
Good luck if taking it!


Ivan Labrie.
Trade active: Forgot to post, trade active...I actually added to it a bit earlier.
Comment: Might be safer to reduce exposure to this trade by keeping the first entry and trimming the add.
Trade closed manually: (I forgot to update, I got out of this one after price action started shaking around)
It's safer to not touch this pair now.
Thanks for the mention! Nice trade :)
+1 Reply
I wanted to get in a long CAD trade, this one seems ideal.
Hi Ivan & Kevin, will you be trading the break out, How do you intend trading this?
IvanLabrie PRO DerekUweri71
Hi, I'm in the trade already, as per my publication.
It broke out too.
DerekUweri71 IvanLabrie
Oh! Thanks. Didn't realise you were already in. Do you just place orders and get triggered in automatically when price reaches your level?
IvanLabrie PRO DerekUweri71
Yes, many times I place sell stop or sell limit orders. This one was at market.
DerekUweri71 IvanLabrie
Thanks for reply
DerekUweri71 DerekUweri71
Is this a continuation pattern you're trading?
IvanLabrie PRO DerekUweri71
It's a time at mode downtrend signal. A technique I learned from Tim West (he posts here).
The trend was up, but it seems to be turning around here. I don't know if it'll be a reversal though, might be a retracement and then continue up.
But my short target is a valid level to exit in any event.
DerekUweri71 IvanLabrie
Interesting! Not hear of that one before. I refer to it as a continuation pattern or even a Rising Wedge......
Anyway, Good work by the way.
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