AUDCAD 15m trendline based LONG, short term
Posting for myself to keep a track record, no explanations needed as the chart is pretty self explanatory.
Entry : Bottom of the trendline
TP : Marked resistance, aswell as the top of the trendline
SL : 1:2 RR, Stop loss is half of what the profits could/are supposed to be, SL is also slightly below the previous bottom in order to avoid a potential double bottom, which shouldnt happen either way and having a SL below the trendline is an even smarter idea incase you want to prevent a bigger loss.
Clean chart
Entry : Bottom of the trendline
TP : Marked resistance, aswell as the top of the trendline
SL : 1:2 RR, Stop loss is half of what the profits could/are supposed to be, SL is also slightly below the previous bottom in order to avoid a potential double bottom, which shouldnt happen either way and having a SL below the trendline is an even smarter idea incase you want to prevent a bigger loss.
Clean chart
Trade active:
Position entered :
Entry : 0.91720
Entry : 0.91720
1. Entry price is BELOW the trendline hence it should be safe, if it ends up going below it, the position is likely not valid regardless.
2. The price is hovering the bottom side of the trendline for a very long period of time which indicates a lack of confidence and bullish momentum.