11021992
Short

AUDCAD bearish entry at the completion of this AB=CD pattern

FX:AUDCAD   Australian Dollar/Canadian Dollar
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16
Hi traders,

On the AUDCAD I'm looking to enter short at the completion of this AB=CD pattern. This area lines up with the 38.2% Fibonacci retracement and the 61.8% Fibonacci retracement .
Entry: 0.97674
Stop: 0.98292
Target: 0.96113 = R:RR 2.53

Good luck guys! I will be updating this post as time progresses.
Order cancelled

Comments

Thanks for your great analysis!
Here is my view on AUD/CAD if you are interested:

Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see 3 main volume areas. The biggest one in the middle (around 0.9850) is POC - point of control of the year. It could be used as a magnet (place for profit target) for both of the positions.
Both the volumes around 1.003 and 0.972 made the markets move. Now I think that the market participants that created those 2 Volume clusters will still be active when the price reaches those areas again and move the price again.

There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale
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