Short based on bearish tendencies on multiple timeframes
Using the linear regression on higher and lower timeframes, AUDCAD is showing signs of being overbought. Therefore anticipating at least a regression to the mean which is one of the reasons for shorting.
STOPLOSS RATIONALE: Only able to display one chart on tradingview at the moment, but stoploss placement is above the previous lower high (evident on 4H and lower timeframes). That level is also the upper linear regression channel on Daily and lower timeframes.
TAKE PROFIT RATIONALE: currently take profit is just prior to the previous lower low evident on several timeframes. It's placement offers roughly 1.5:1 R:R.
STOPLOSS RATIONALE: Only able to display one chart on tradingview at the moment, but stoploss placement is above the previous lower high (evident on 4H and lower timeframes). That level is also the upper linear regression channel on Daily and lower timeframes.
TAKE PROFIT RATIONALE: currently take profit is just prior to the previous lower low evident on several timeframes. It's placement offers roughly 1.5:1 R:R.