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🟢Forex Pair: AUD/CAD
⚪Technical Analysis: Since the 2nd of February 2021, the price has been moving following a clear uptrend after it got an interesting rejection on the level at about 0.97150. During that strong movement, the price broke through the S/R zone at about 0.97900, reaching a daily zone at about 0.98600, that rejected the price many times since the end of December 2020. It is currently re-testing the same zone and the next price action will be essential to confirm a new rejection.
🔴Conclusion: In a long term I'd definitely see the price going up more, reaching and eventually breaking through the main resistance zone (see the chart), but right now I'm confident to see a clear rejection and a re-test of the support zone at 0.97900. I'm looking for a good entry point to get a short position on this trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
The price is actually breaking upwards, even if you short there will be a tons of points where it could get stuck, not high probability trade. In lower time frames, you could short that, but absolutely not for that far like your line shows. It could go down, but waiting for long signal will be much better for RR ratio too. And thats not how the zones work I think... Are you a profitable trader?
FXtrades-gp
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@cseh4d4m, Hi and thanks for your feedback, the current level at 0.98500, rejected the price many times since the end of December and right now, in the daily chart the price closed its session with a doji candle after a strong bullish candlestick during the 11th of February, that could be a possible sign of market uncertainty.
Low volatility as well and overbought values around the current level, could be an extra confirmation.
About the second question, yes, I'm a profitable trader, I trade, follow and study only few markets in a daily and weekly perspective, getting 2-3 positions per week, the h4 time frame is usually my entry point and what I'm sharing on this platform, is a general outlook and a technical analysis about several markets (major and minor pairs), with the purpose to help people to get a quick understanding of the market direction.
My own trading strategy is not for sale and it is not included in what I keep sharing on tradingView. Hopefully it is understandable! :)