luizhpj
Short

AUDCAD Short Trade for 200+ pips

FX:AUDCAD   Australian Dollar/Canadian Dollar
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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???
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luizhpj nadiarokni
@nadiarokni, I'm getting ready to sell when (if) it reaches the .965 level.
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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.
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nadiarokni luizhpj
@luizhpj, i make sell in yesterday and now i asked about you don't now sell or buy?
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luizhpj nadiarokni
@nadiarokni, sorry, but I didn't really understand your question
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