AUDCAD: Probably Heading for a Correction!

FX:AUDCAD   Australian Dollar/Canadian Dollar
1739 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

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

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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
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Update 3: Second unit stopped out at break-even
thanks technician
+1 Reply
Update 2: First Target Hit, moved stop loss to breakeven
+1 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.
Update: Trade is active now!
+3 Reply
VelsonChew Technician
Yes. Had got into market & keep updating it. Wish we all have a god bless.
Technician VelsonChew
Yes we need it.
Keep an eye on the weekly chart, just broke down from a triangle, i went short at 98 .
I'm putting buy limit at market. Thanks for the post. Well done.
Technician VelsonChew
Good luck to you, dont forget to limit ur risk.. trade safe.
+2 Reply
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