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timmynorin
Mar 14, 2017 11:40 AM

AUDCAD Telling me to go long, trap? Long

FX:AUDCAD240
Australian Dollar/Canadian DollarFXCM

Description

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Lets find out

Price action is very clearly showing signs of bullish intention.

Blue arrows - Respecting structure.
Purple arrow - Respecting trendline.

In this we also see a 2618, which I have not drawn out. See if you can spot it yourself.

(Also note that it broke and close above falling trendline)

Long since 1.01688

Lets see if we can pull some profit out of this.

Comment

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We came 1 pip shy of target 1, holding without adjustments as of yet, lets see if we can get another surge of steam.

Comment

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Target 1 hit, pipage much welcome. Closing 50% and moving stop loss to break even for remaining position.

Trade closed: target reached

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Target 2 hit - 1.02300. Position off!
AUDCADaudcadlongaudlongcadshort
Comments
DesperadoElkazaz
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I mean if the gold price increased does that give a bullish sign for aud or a bearish sign for cad
timmynorin
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@DesperadoElkazaz, Ah, okay - I see. A rising gold price could have a negative effect on Canadian dollar since they are a large importer of gold. As for Australian dollar I am not so sure how big effect it really has. Not enough for me to dig deeper anyway!
DesperadoElkazaz
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Does the aud or cad has a relation with xau
timmynorin
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@DesperadoElkazaz, thanks for your comment. XAU is the index for gold. So no, no relation to AUD (Australian dollar) in this case. Neither does the CAD (Canadian dollar).
ernstschwarz
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timmynorin
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@ernstschwarz, 1.02300 has historically proven to be a strong support/resistance area, together with the double top (and what appears to be a bearish gartley, for pattern-lovers) this could very well be the outcome. Indeed!
ernstschwarz
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not a trap.

one more up very likely and then a big downmove to come. so maybe not a good idea to take the long.
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