Technician
Long

AUDCAD: Speculating on More Upside #forex

FX:AUDCAD   Australian Dollar/Canadian Dollar
1532 4 30
Recently the price broke above the 50-days SMA and completed a non-ideal inverse head and shoulders pattern. Supported by bullish divergence on RSI .

The price was halted at the main descending resistance, retreating towards the broken neckline for the Inverse H&S and the 50-days Average.

I already have a long position active, however the for a better risk-reward i would average slightly lower.

Good luck
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Technician

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 without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game

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Nice trade
Reply
Going Good.....
+1 Reply
Agree.
snapshot
+3 Reply
Nice analysis Technician, Good luck :)
+1 Reply
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