AUDCAD Bearish Continuation Trade

FX:AUDCAD   Australian Dollar/Canadian Dollar
655 9 13
After consolidating for a while, we have seen some bearish movement over the last week and following the recent lower low, lower close, im looking for the best potential area to short this market.

now we have

ABCD Formation
38.2% Retracement
50% Retracement
886 Retracement
1.618 Extension
Previous Structure Support/Resistance
RSI going Over Bought

We will be looking at getting involved in the London Live room this morning if we can get an entry reason.

Good Luck



Couldn't get involved in this as I didn't get an entry reason.
stop loss and take profit?
+1 Reply
J_Graystone prince125700
It would have depended on my entry but I couldn't get an entry reason
Would that also be a Cypher completion at around 0.9845 ?
+1 Reply
Almost! the D completes beyond B though so invalid
scairns J_Graystone
Thanks Jason. Looks like it is by less than 1 pip !!
Kareem scairns
Slightly confused on the the D leg completing beyond B rule, if the B retracement is a minimum 382 to 618 compared to this one being close to the 782 does that not mean the D leg will always complete above B? Or am i wrong.
Kareem J_Graystone
Jason do you mean D does not complete beyond B? According to Trademempowered CD leg must extend past CB leg? Just trying to clarify the rules.
+1 Reply
yeah sorry Kareem! D Completes before B which makes it invalid!
+1 Reply
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