Short on AUDCAD weakness/strength
CAD is on a bit of charge.
I am looking for a touch of my Area of Value (AOV)for entry.
In my opinion:
The type of entry isnt as important as just getting in at good value zone, which I like to call AOV.
It seems like so much focus is spent on fancy entries, which wont matter the least if your trail your stops are too tight or your R:R is dangerously overleveraged and things go south.
Capital preservation, Risk Management, Trade Management and exit targets are far more important.
This is a Continuation/Target trade to Fib 127 Zone
Why: Good R:R, low risk. And fundamental bias back up my idea.
Simple trade Plan:
Will Open 2 Positions
P1/T1 = 1R
Will not move Trailing stop to Breakeven until 2R zone is hit. (because its under 50 pips, which is pretty tight even for this pair.)
P2/T1 = Fib 127/Support Zone Confluence.
I am looking for a touch of my Area of Value (AOV)for entry.
In my opinion:
The type of entry isnt as important as just getting in at good value zone, which I like to call AOV.
It seems like so much focus is spent on fancy entries, which wont matter the least if your trail your stops are too tight or your R:R is dangerously overleveraged and things go south.
Capital preservation, Risk Management, Trade Management and exit targets are far more important.
This is a Continuation/Target trade to Fib 127 Zone
Why: Good R:R, low risk. And fundamental bias back up my idea.
Simple trade Plan:
Will Open 2 Positions
P1/T1 = 1R
Will not move Trailing stop to Breakeven until 2R zone is hit. (because its under 50 pips, which is pretty tight even for this pair.)
P2/T1 = Fib 127/Support Zone Confluence.
Trade active:
2 positions opened as per plan.
Trade closed manually:
closed, breakeven