AUDCAD has completed predicted correction even higher. At the moment I see good posibility to take a short trade, based on Elliott wave impulse pattern down.
In confirmation of Elliott wave count and Fibonacci levels we can see market double check Moving Average 200 on daily chart from bottom side. And 0.9600 level seems show strong resistance.
My trade plan is to look in lower time frames for PA confirmation of short trades:
1. short term trade with target at Fibo 23.6%.
2. medium term trade with target at support zone 1
3. long term trade with target at support zone 2
If market will go higher than past Highest High, my Elliot wave count is invalid and no trades will be taken.
! RISK DISCLAIMER !
All information I provide is my own trading Ideas. It is not any kind of recommendation to make trading decisions. And it is not recommendation to use any details about trade such as stop loss or take profit levels. Trading on financial markets is very volatile and risky, thas why it is posible to loose all of your capital in very short period of time.
In confirmation of Elliott wave count and Fibonacci levels we can see market double check Moving Average 200 on daily chart from bottom side. And 0.9600 level seems show strong resistance.
My trade plan is to look in lower time frames for PA confirmation of short trades:
1. short term trade with target at Fibo 23.6%.
2. medium term trade with target at support zone 1
3. long term trade with target at support zone 2
If market will go higher than past Highest High, my Elliot wave count is invalid and no trades will be taken.
! RISK DISCLAIMER !
All information I provide is my own trading Ideas. It is not any kind of recommendation to make trading decisions. And it is not recommendation to use any details about trade such as stop loss or take profit levels. Trading on financial markets is very volatile and risky, thas why it is posible to loose all of your capital in very short period of time.
Trade closed: target reached:
First target worked out successfully. Did not expected to reach target so fast. As this was some way of a hedge trade with AUDNZD (that trade got stop loss of -25pips) - Im in profit ~ 160pips.
