AUDCAD LONG

Yesterday we took a look at the potential short setup, due to the troubles the bulls faced at the resistance zone. We placed an order which was rejected by the bulls who did not allow the Bears to take control. This in turn gave us an indication of the determination of the bulls after they broke the resistance and continued on the Weekly timeframe uptrend.

The weekly timeframe shows us a neat uptrend with the classic price action higher highs and higher lows. The Bulls are proving to be in charge, remember we dont try to predict where price will go, we base our decisions on what the market is currently doing. We always bet with whos in charge or showing strength.

Taking a look at the daily timeframe, we have noticed how the bulls blew passed the resistance zone that was formed recently. This zone was retested on the 4hour timeframe, it is clear the Bulls mean business.

We have used the daily & 4hourly time frames to place our fib retracements and look for potential entries to ride the trend. We will review this Bias in the next 2-3 candles should it not trigger.

Long @0.9224
SL @0.0.9159
TP @ 0.9354

Trade active:

Trade Opened
TP Hit (Closed half position @130Pips)

Comment:

Updated SL: 0.93102
TP 2: 0.9419

Comment:

Closed position