AUDCAD short - 11 November 2016

FX:AUDCAD   Australian Dollar/Canadian Dollar
41 0 4
- After the failed bearish divergence attempt near the weekly resistance 1, the price has then formed multiple bearish reversal candle at the weekly resistance 2
- The 3rd bearish reversal shooting star is quite bearish as the bear took out new high since 2014 and tried to forced a new low of recent days
- As above, it seems like bear could serious in taking down this pair

- Sell Stop set at 15pips lower than the shooting star low @ 1.0195

- Set at previous swing low and round number @ 1.0

- Set at 50% fib of the shooting star

- if trade triggered, pay attention at price reaction at channel trendline , 20MA support and weekly resistance turned support area
Trade active: Update - 15 November 2016:
- First day of the trading week gaped down and closed a bullish candle, closing the gap at the 20MA and trendline support
- If today does not show any indication of bearishness in play, i would consider to exit the trade with minimal losses :(
Trade active: Updates - 16 November 2016:
- Yesterday candle close a bearish engulfing pattern, close lower than the 15 November bullish candle. It is also a bearish reversal candle too
- It seems like bear is out now and we would probably see a possible short term bear market
- Now we have passed the 20MA support and trendline support test, the next support threat will be the 50MA support
- Keep holding on to the trade until any bullish price action (near 50MA)
Trade active: Updates - 17 November 2016:
- Woh, the bear has been real busy for this pair. The previous daily session closed a bearish marobozu, closing below the 50MA resistance and weekly support 1 @ 1.01
- As such, i will keep holding on to the trend.
- Possible risk for this trade is that AUS data turned out good and the price might consolidate at the 50MA support or have a short bull run.
- Therefore, i have moved my SL to my entry level in anticipation of the soon to release AUS employment data.
- Hopefully, the bear will continue as i have 50pips more to reach my TP.
Trade closed: target reached: Updates - 18 November 2016:
- Finally, bear did a push and my target was achieved, with a 190pips gain :)
- Price could now fall to the channel support, and i dont foresee myself revisiting this pair anytime sooner after next week.
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