Lingrid

AUDCAD FALL from strong RESISTANCE line

Short
FOREXCOM:AUDCAD   Australian Dollar/Canadian Dollar
The price came to the resistance line at 0.986 and even tried to break it, but the breakout turned out to be false. Which is not surprising, since this is a strong resistance line that appeared back in 2019. And, as we remember, the last time the price touched it - and this happened in July 2020 at 0.967 - it collapsed.

During the fall, the price then came to the point 0.925, where it used local support and returned to growth. During the growth, it was able to consistently break through the 0.961 support level , the 0.966 line, and now it made a false breakout of the 0.986 resistance line.

However, I am convinced that after a false breakout, the price will fall again. This is indicated by both a strong resistance line, and a long rise that cannot continue for too long without pullbacks, and a false breakout itself.

Therefore, now I expect the price to start falling and come to the support line of 0.972.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
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Comments

I went short on the 11th; My momentum indicator showed a possible reversal on both the daily & weekly charts.
In addition, the Absolute Strength Indicator I use (which is tweaked Hot) showed a sell signal which gave me my entry.
I normally let my money management get me out of trades ...
(I was wondering if you use a particular indicator as an exit indicator? and if so what is it and what setting do you use?)
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I have opened SHORT positions already, let's make those pips
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Lingrid Investroyllc
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rchikaonda21680 Investroyllc
What do you mean when you say say SHORT, LONG positions?
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Lingrid rchikaonda21680
@rchikaonda21680, if a short position - the price will go down and you need to sell.
if a long position - the price will go up and you need to buy.
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Interesting, i have similar conclusion.
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Lingrid DeGRAM
@DeGRAM, 😏
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admire your idea, thank you friend
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Lingrid TradingAlchemist
@TradingAlchemist, you`re welcome)
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Nice chart, as always! Totally agree with this, well done! :)
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