FullTimeTrader
Short

AUDCAD-D1-bearish bat near 1.000

FX:AUDCAD   Australian Dollar/Canadian Dollar
1731 14 22
Nice pattern almost complete near the strong psycholevel 1.000
We can place sell limit orders or wait for a reaction near that area.
SL and targets shown on chart.

Best regards.

*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).


Comment: Already In....
looking promising . thanks
Reply
Thanks for the trade! However, there is a nice trendline breakout on daily chart, what you think about this? I would enter long on the pullback, if there is one.
Reply
Hello, i used to trade trendline breakouts before but know then dont work alone. We need other reasons to consider an entry. Im based on my EW count (see below). I expect one more correction to the downside so right now i will focus on shorts.
snapshot
Reply
Piet.Hein FullTimeTrader
You got a good point. I do agree with you, trendline breakouts alone are not much effective. But and what about the oil prices fall? CAD is very sensitive to this, dont you thing that on the long term, CAD is likely to be weaker? In my view, this would be the "second"reason to take the pullback, after the trendline breakout.
Reply
You are right, CAD is related to OIL. According to my analysis OIL is ready to make a pullback to the upside before continuing to fall (or who knows bottomed), and this pair could reach at least the first target. Regards.
Reply
Piet.Hein FullTimeTrader
nice analysis, thanks!
Reply
Agree sir, in my opinion i think we can enter now.
snapshot
Reply
BLKS BLKS
I was assuming it will had a pull back the trend line the rebound. Just an opinion =) Anyway, great work.
Reply
Yes! the cypher could work also. Regards.
Reply
BLKS FullTimeTrader
yeap, i am think it will continue rise only after at least the 1st target.
Reply
Sir, do you rhink same thing will happen to gbpcad as well? I think there is a possibility that a double top could have form on daily chart, hope you can post any idea about it. Thanks
Reply
BLKS BLKS
Think*
Reply
Hello, you are right, i was tracking a bearish bat on GBPCAD also but the SL was too big (see below). It seems price is reacting now, i will try to find setups on lower TF. Both are CAD related pairs so its not a good idea to overexpose the account. I've learned not to be greedy and catch all moves. Regards.

snapshot
+2 Reply
Hey Full Time Trader, just wondering, could the bat pattern be getting invalidated?
Reply
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