#AUDCAD: Short for a correction!

FX:AUDCAD   Australian Dollar/Canadian Dollar
*Update: Closed half position at first target, moved stop to break-even, second half was stopped at break-even..
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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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
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


Update: First half was closed at first target, second target was closed at break-even
+2 Reply
Target one achieved
+1 Reply
Akil_Stokes Technician
With all of the painful trades out there its good to have ones that just get the job done.
thanks technician
+1 Reply
Technician manijeh.kazemi.33
Ur welcome my friend
Please correct me if I am wrong, but could this also be the completion of a Shark pattern??

What is happening on Daily / monthly
Cheers all
Nice call! I was also short the AUD/USD which had a very nice move. Not sure of the reason, but was short because of the excursion outside of the bollinger bands on the 30 min chart. I'm sure happy to take the pips!
Technician caifu642
Thanks, glad u shorted as well
+1 Reply
Sweet, I got short at the same level this morning.
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