IvanLabrie
Short

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!

Cheers,

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.
Hi Ivan, On this one too

snapshot
+1 Reply
Hi Ivan & Kevin, will you be trading the break out, How do you intend trading this?
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IvanLabrie PRO DerekUweri71
Hi, I'm in the trade already, as per my publication.
It broke out too.
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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?
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IvanLabrie PRO DerekUweri71
Yes, many times I place sell stop or sell limit orders. This one was at market.
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DerekUweri71 IvanLabrie
Thanks for reply
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DerekUweri71 DerekUweri71
Is this a continuation pattern you're trading?
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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.
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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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IvanLabrie PRO DerekUweri71
You mean that small 1h consolidation Kevin pointed out?
I refer to the bigger daily setup on my chart.
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DerekUweri71 IvanLabrie
sorry. Yes, i'm referring to the 1H chart.
+1 Reply
Thanks for the mention! Nice trade :)
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I wanted to get in a long CAD trade, this one seems ideal.
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