Really great Opportunity for a bearish move on a daily chart. As mentioned before that Audcad loves ABCD pattern. The price and pattern behaviour of this pair with Incredibly repetitive. Will be updating as we get closer. Please feel free to comment and provide your thoughts or feedbacks.
Cheers
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Current Rally moves the price to 1.0258.
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Getting closer. Be ready for a potential reversal this week.
Trade active
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Continue to hold
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Safe to Move SL at this stage. Best trade for 2017 so far. Adding positions from each flag anticipating and have banked in profits from those additional by end of week to avoid Market Gaps. Red news this week for Aussie
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Potential AB=CD (long)
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TP1 HIT :)
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Gaps as 'resistance/support' zone breakouts. Check out how the 3rd test is also a 'trap zone' where it would struggle to find a direction then breaks out. If we think about human traders, what would this zone (box number 3) would do to us mentally/emotionally? After 2 weeks being in a trade of no real direction. Generally it traders might cut the trade short with a loss or in a small profit. This pattern repeated it self once again as per image. Analyzing the behavior of this pair allows us to closely identify better trading opportunities with less emotional or mental pressure.