AUDCAD: Near term upside likely #forex

FX:AUDCAD   Australian Dollar/Canadian Dollar
1980 14
Looking for a more upside

  • Breakout above the near term descending resistance shown on chart
  • Completion of a short term inverse head and shoulders
  • Stability back above 0.9600 previously broken support area
  • Bullish divergence on RSI

Having said that, no need for more confirmation signals for me. I put a limit buy order at 0.9600.

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Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
My best regards
Yes mates, i cancelled the trade as price hit first target. But i will keep an eye on it for a new buy signal
MuathAlBulbul Technician
Waiting for the next coming trade.

Mr. Loay, did you have a look at gold's current position? I think it's probably heading up from here. I have my chart on MT4, but I am replying with this to you since your gold short trade ended.
Technician MuathAlBulbul
will look at gold soon mate
+1 Reply
tcas Technician
I'm still in trade. Hope to reach 0.96500
tcas tcas
Correction: 0.97500
good luck mate
I guess this trade is about to get cancelled due to reaching the first objective. : )
+1 Reply
Did you buy in yet? Or do we wait until it hits back 0.9600?
ashif030 MuathAlBulbul
it is pending I think
+2 Reply
JorgeEllena MuathAlBulbul
imo a good way to approach this is to leave a pending order if you are not watching the market every minute. Probably Technician after identify the reversal pattern put a buy order at 0.96, because you don't want to enter after the long blue candle which validated the break at the neckline, and if you change the time frame you can see how even at the 30 min chart, that big change in the price was only one candle.
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