AUDCAD Short Trade for 200+ pips

FX:AUDCAD   Australian Dollar/Canadian Dollar
104 5
AUDCAD is making a retracement on its longer term downtrend move.

We are probably on W4 (red) on a larger W2 (blue) and even larger W2 (green). I expect pullback to be limited to W1 (red) bottom @0.96583. We also have a couple of trendlines that serve as resistance.

Target is minimum W3 (red) bottom @0.94178, but W5 (red) could extend a lot further.
Aug 19
Comment: Forgot to mention that W1 (red) also coincides with 0.618 FIB from W2 (red) to W3 (red), which makes it a high probability resistance level.
Aug 21
Comment: Price is close to reaching the entry target. Wave (b) (Orange) was probably completed at the Aug 17 dip (it reached 38.2% level).

I believe we are in the final leg of Wave (c) orange.
Aug 30
Order cancelled: Retracement only reached .50, so I didn't take the trade...
@luizhpj now sell or buy???
luizhpj nadiarokni
@nadiarokni, I'm getting ready to sell when (if) it reaches the .965 level.
BTW, I just noticed that AUDJPY is in an identical setup. So, if you plan on trading this move, you can split your positions in both pairs, in order to dillute risk.
nadiarokni luizhpj
@luizhpj, i make sell in yesterday and now i asked about you don't now sell or buy?
luizhpj nadiarokni
@nadiarokni, sorry, but I didn't really understand your question
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out