lbrincat
Short

AUDCAD Bearish AB=CD Pettern

FX:AUDCAD   Australian Dollar/Canadian Dollar
Waiting for price to hit the 1.04000 - 1.06000 for a retracment and short term opportunity to go short.

If Price fails to reject at point D a further up movement is expected

Price is already showing some divergence with RSI

Dominant trend is still uptrend

Comment: Just Discovered a Crab on the Daily Chart with the PRZ Level at the same zone of the AB=CD pattern.

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Comment: Found an other Crab Formation with PRZ Level in the same zone of the others on the 4hr Chart confirming that this is a good harmonic area.

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Trade active: Just went short @ 1.02554 after noticing a hammer in the harmonic area on the 4hr chart and price continued to go down in the next 2 consecutive candles.

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Stop loss placed @ 1.04150
Targets will update later on as I am thinking to move stop gradually down in case the trade results in a good one.
Comment: Got Stopped out on this one but I still think that the trade is a valid one I will wait next week candle to close as it looks like it is going to be a bearish reversal candle hammer. and consider an other entry next week.

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Comment: I shorted the AUDCAD at 1.02277 and set my Stop loss at 1.04297 20 pips above last weeks high set my target at 0.97891 which is the first major support area. Note that there was a price rejection at the PRZ last Thursday and Friday candle confirmed the sell.

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Trade closed manually: Decided to close the trade manually and take the profits (314 pips) as it's showing signs of reversals on the daily chart.

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