IvanLabrie
Short

AUDCAD: Potentially very interesting setup

FX:AUDCAD   Australian Dollar/Canadian Dollar
10 months ago
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.
10 months ago
Trade active: Forgot to post, trade active...I actually added to it a bit earlier.
10 months ago
Comment: Might be safer to reduce exposure to this trade by keeping the first entry and trimming the add.
10 months ago
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.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
KevinSinghDhaliwal
10 months ago
Hi Ivan, On this one too

snapshot
+1 Reply
DerekUweri71
10 months ago
Hi Ivan & Kevin, will you be trading the break out, How do you intend trading this?
Reply
IvanLabrie TOP DerekUweri71
10 months ago
Hi, I'm in the trade already, as per my publication.
It broke out too.
Reply
DerekUweri71 IvanLabrie
10 months ago
Oh! Thanks. Didn't realise you were already in. Do you just place orders and get triggered in automatically when price reaches your level?
Reply
IvanLabrie TOP DerekUweri71
10 months ago
Yes, many times I place sell stop or sell limit orders. This one was at market.
Reply
DerekUweri71 IvanLabrie
10 months ago
Thanks for reply
Reply
DerekUweri71 DerekUweri71
10 months ago
Is this a continuation pattern you're trading?
Reply
IvanLabrie TOP DerekUweri71
10 months ago
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.
Reply
DerekUweri71 IvanLabrie
10 months ago
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 TOP DerekUweri71
10 months ago
You mean that small 1h consolidation Kevin pointed out?
I refer to the bigger daily setup on my chart.
Reply
DerekUweri71 IvanLabrie
10 months ago
sorry. Yes, i'm referring to the 1H chart.
+1 Reply
Synapse
10 months ago
Thanks for the mention! Nice trade :)
+1 Reply
IvanLabrie TOP Synapse
10 months ago
I wanted to get in a long CAD trade, this one seems ideal.
Reply
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