I am convinced that the monthly on audcad is still going lower. The distribution structure currently forming on the daily does NOT seem to be capable of building up bullish momentum in this area. Which is why my longer term outlook is bearish.
For this trade most of our business will be taking place on the 4H. The top white dashed line is a level that we have been unable to get above and gain as support. I will be shorting that line and getting out of the trade if WE OPEN AND CLOSE ABOVE the top white line. I'll be taking profits at a lower level.
TLDR:
-Shorting the top white line, bearish outlook on audcad
-Stop on a candles open and close above the white dashed line on the 4H
-Taking profits at the closest untested level
For this trade most of our business will be taking place on the 4H. The top white dashed line is a level that we have been unable to get above and gain as support. I will be shorting that line and getting out of the trade if WE OPEN AND CLOSE ABOVE the top white line. I'll be taking profits at a lower level.
TLDR:
-Shorting the top white line, bearish outlook on audcad
-Stop on a candles open and close above the white dashed line on the 4H
-Taking profits at the closest untested level
Comment:
Still waiting for a fill, everything still seems valid as of now.