Technician

#AUDCAD: Short for a correction!

Short
FX:AUDCAD   Australian Dollar/Canadian Dollar
22
*Update: Closed half position at first target, moved stop to break-even, second half was stopped at break-even..
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The pair rallied strongly within the past days, headed to overbought condition at a confluence of Fibonacci levels, where it showed hesitation. A pin bar was formed at the 161.8 extension for the latest bearish wave, and hovering near the 61.8 retracement level for the major bearish wave that started from 0.9985 high to 0.9395 low.

I have initiated a short position , lets see how it goes. Thanks for reading.

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My best regards,
Technician

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game

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