AUDCAD: A 2nd Chance To Hop On The Trend with Video Explanation

FX:AUDCAD   Australian Dollar/Canadian Dollar
I'm looking at two opportunities her eon the AUDCAD             hourly chart 1) A Trend Continuation opportunity and 2) A bullish Cypher Pattern. Now of course you can combine the two, but when working with newer traders my advice is to pick and master a single strategy first, then add or start to combine later in your trading career.

If you're new to following me this was a trade that we looked at earlier in the week so make sure you check out that post. I also reviewed it in my YouTube video last night so make sure you check that out if you're the type that picks up things better by watching. Good luck as we enter our final trading day of the week, I know those of you that trade advanced patterns on the $EURUSD are probably already starting the celebration a little early. ;-)

Here's a link to the youtube video talking about the AUDCAD             https://www.youtube.com/watch?v=tbhLdbzWJUw

Akil Stokes
Chief Currency Analyst & Head Trading Coach
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Akil, didn't we have a bearish rotation once price broke lower and formed AB=CD?
Why point B from AB is not considered as OR since price move higher from it and failed to make NSH, made only LH and then LLLC into ABCD?
+1 Reply
I'm sorry but this trade happened so long ago that i have no clue of what levels you're referring too
SanderVR1 Akil_Stokes
0.9970 level isn't this supposed to be an OR and from it price made lower high, then rolling down forming an AB=CD that you've showed on your idea?

Hey guys there was a rule violation for this trade that I did not notice. IF you ever notice that you're in a "bad trade" (one that doesn't meet your rules) the best thing to do is exit right away. Hope you guys see that even the Pro's make mistakes, so don't beat yourself up to much when you guys do.
+2 Reply
Siyabonga_Ngcobo Akil_Stokes
Hi, Akil, regarding the bullish Cypher pattern, isn't a valid Cypher only if the C candle closes beyond A, which is not the case here.
+1 Reply
You know what, you're right, I rushed into this using our constellation software and didn't even take time to notice that we didn't close. That's a rule that I rarely see violated. Thanks for the heads up. I have now exited the trade for breakeven.
+1 Reply
morshedul.sazid Akil_Stokes
Very nice decision akil!
Siyabonga_Ngcobo morshedul.sazid
indeed, this is why having a positive community helps
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