Buying a Pullback on the AUDCAD 4H Long

Australian Dollar/Canadian DollarFXCM

Description

⋅ Jan 30, 2019 2:11 PM

Hello Traders,

Recently, we've seen bullish behaviour on the AUDCAD. We can see two bullish impulses and the break of a flag pattern.

Now price has returned for a retest and that's where we'd like to go long.

I set a BUY LIMIT order above the retest and set the SL below the low of the flag pattern. TP is set at the high of our range. See the arrows for my graphical projection.

Resistances: 0.95416, 0.95682
Supports: 0.94987, 0.94743, 0.94544

Trade characteristics: Trend continuation with limit entry on a pullback
Expected trade duration: 1-2 days
Risk-to-Reward-Ratio: 1.99

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