FX:AUDCAD   Australian Dollar/Canadian Dollar
212 1 7
I believe the AUDCAD             to be in its final stages of this corrective bullish move. It seems like wave B is close to completion and the lower time frames start presenting some interesting trade opportunities.

1 hour time frame:
snapshot

Although I think that we might see a slightly higher high for AUDCAD             , this pair showed a bearish impulse today in the shape of what seems to be an ABC pattern. However that is too soon to tell. What we can tell is that we see hidden bullish divergence on the 1 hour time frame warning us for a possible bullish reversal.

15 min time frame:
snapshot

The 15 min time frame shows us bullish divergence for a possible bullish reversal. The question is whether the bearish impulse of today was only a wave A by means of an ABC lower or whether this was the whole correction by means of a strong corrective leg.

Short term I will be focusing on a potential bullish reversal. Depending on whether moves corrective or impulsive I will look to either short the third leg lower or keep the potential buy for a new high.
Comment:
snapshot


I got stopped out for a risk/reward of 3.23/1
All the time that I adjusted my stop loss you could have added another buy trade. I personally did not do that.

Hope this post helps you understanding my trading.
Safe trades!
Comment: Some of you might notice that my stop loss was also a reversal sell signal in terms of structure. However I showed the 15 min time frame and I personally don't go lower because of the spread. So if I want to sell AUDCAD I need and will wait for a bearish impulse on 15 min tf or preferably 1hr time frame, see a consolidation and then sell the continuation.
This is also why I didn't add on to my buy trade. I have to follow my rules regardless of the set-up.
Hi Tim, Are you currently long AUDCAD?
Reply
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