Technician
Short

#AUDCAD: Short for a correction!

FX:AUDCAD   Australian Dollar/Canadian Dollar
1779 20 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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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
My trading ideas channel https://telegram.me/technician_forex_trades

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Skype: Technician - The forex channel
sweet, very nice analysis @technician
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Thanks buddy
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Im thinking the same as you, looking to short at the close of the daily candle. Thanks for sharing!
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Technician TOP JSiminoski
You're welcome mate, good luck
Reply
snapshot


And aslo the SMA200 on monthly can act as resistence for your short position.
Good luck mate!
Reply
Technician TOP MisterTrader
Like your multiple time frame charts, u provide some good ones
Reply
MisterTrader Technician
That's kind of you, thanks !
Your analysis are very helpful for me, keep doing such a great job.
Mr.Tdr
Reply
thanks technician
+1 Reply
Technician TOP manijeh.kazemi.33
Ur welcome my friend
Reply
great analysis.....
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Thanks there
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Sweet, I got short at the same level this morning.
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Technician TOP Akil_Stokes
Thanks Mate
+2 Reply
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!
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Thanks, glad u shorted as well
+1 Reply
Target one achieved
+1 Reply
With all of the painful trades out there its good to have ones that just get the job done.
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Update: First half was closed at first target, second target was closed at break-even
+2 Reply
Level To Watch: #AUDCAD come back in the downtrend tunnel

What is happening on Daily / monthly
Cheers all
Reply
Please correct me if I am wrong, but could this also be the completion of a Shark pattern??
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