WicktatorFX

AUDCAD - Picture Perfect SHORT Set Up

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD is probably my favourite set up for this week. Clear levels, clear break and hopefully a clear retest. Watch for price to move up correctively and enter on break of correction.

See links below as to why we're looking for AUD weakness.

Good luck and trade safe!
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Comments

Great explanation! Keep up the good work! Thank you for sharing!
+1 Reply
@mmackk, Thanks brother!
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This morning, price is testing the confluence of the S+R zone just below 0.98000, the 38.2% Fibo of the most recent run down, and the top of the internal descending channel. Potentially interesting Short entry here if price rejects the level. We shall see.
+1 Reply
@loudon3, Similar to what I got! Nice one. I fibbed the recent impulse leg and we can see the 618 falls nicely on that zone
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loudon3 WicktatorFX
@WicktatorFX, Yes, I find that the Tradingview Trend-based Fib Extension tool, drawn on Wave 1 High to Low, then on Wave 2 High, often gives a nice projection of where price might go on Short trades, opposite on Long trades of course. It helps paint a picture of how the waves might map out.
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nice one keep it up
+1 Reply
WicktatorFX chunkuya1000
@chunkuya1000, Thanks chunks
+1 Reply