Technician
Long

AUDCAD: Probably Heading for a Correction!

FX:AUDCAD   Australian Dollar/Canadian Dollar
1737 13 13
Update: Trade is active now!
Update 2: First Target Hit, moved stop loss to breakeven
Update 3: Second unit stopped out at break-even
Profit(pips)=+90
------------------------------------------------------------------------------------------------------------------------

The price has hit key support area , we have tentatively broken below the support, but could be a false breakout as i see signs of bullish rebound in my view.

-0. 618 retracement level for 0.9410-1.0348 bullish wave
-1.618 extension level for the recent main bullish wave
-Descending support
-Bullish divergence on RSI is starting to unfold

Trade Safe, and Best of Luck , join me at https://twitter.com/thefxchannel
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My best regards,
Technician

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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. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
My trading ideas channel https://telegram.me/technician_forex_trades

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Skype: Technician - The forex channel
I really appreciate what you,ve done for your friends
Reply
Technician TOP manijeh.kazemi.33
I thank you for that appreciation. I hope i continue to provide useful forecasts.
+3 Reply
Great analysis, Technician.
+1 Reply
I'm putting buy limit at market. Thanks for the post. Well done.
Reply
Technician TOP VelsonChew
Good luck to you, dont forget to limit ur risk.. trade safe.
+2 Reply
Keep an eye on the weekly chart, just broke down from a triangle, i went short at 98 .
Reply
Update: Trade is active now!
+3 Reply
VelsonChew Technician
Yes. Had got into market & keep updating it. Wish we all have a god bless.
Reply
Technician TOP VelsonChew
Yes we need it.
Reply
Congratulation, looks like the market is on trend. Thus, I'm modified trailing stop at 0.9784 as safety level because according to Fibonacci Retracement , the price should be will retrace to 0.97947 before proceed to higher level. Correct me if I'm wrong. Thanks.
Reply
Update 2: First Target Hit, moved stop loss to breakeven
+1 Reply
thanks technician
+1 Reply
Update 3: Second unit stopped out at break-even
Profit(pips)=+90
Reply
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