AUDCAD Long

Starting in December 2017, AUDCAD saw a change in trend. What was a strong downtrend quickly turned around and became a clear uptrend.


Within the past few months, the serious of Higher Highs and Higher Lows is an obvious sign of an uptrend. Take a look at this as well:

So far, we have:

• Higher Higher ad Higher Lows; a clear and easy to understand idea of where price will continue to flow.
  
• Where price sits, there is an area of support keeping price from possibly dropping.
  
• Two candlestick formation that hint a change in the direction of price. (Continuation of Uptrend)
  
  1W
  
  Moving up in time-frame, the most recent candle to appear is candle with a bullish close. Although the candle has a bullish close, it has a long wick on both the upper and lower end of the candle. This tells me that neither buys nor sellers take control throughout trading week. Sellers had slightly more power, but not enough to cause and real damage. Also, looking at the bigger scale, this most recent candle was a Higher Low.
  
  12H
  
  Long Legged Doji found within an Inside Pin Bar. Three known reversal signals put into one.
  
  8H
  
  More indecision .
  
  6H
  
  Not quite a Tweezer Bottom formation but very close. Although it is a failed pattern, it is very close and can still tell a story about price. It tells you there is indecision on price. It only give you a different view than what you saw on the 12H.
  
  4H
  
  Lastly on the 4H, the last candle to appear shows the same story of price indecision. The candle closes on the bullish side, but the wicks tell me that neither buys nor sellers are in control.
  
  I enjoy looking at this from multiple time-frames because it adds more depth and reliability to what you see in the market. Why restrict yourself to only one view of the market when you have the ability to see many views and perspectives.
  
  The multiple time-frames tell me that price is likely to see a return to its uptrend. One the 1D it looks lie the uptrend has been disrupted, but jumping up in time-frame you can see that isn't the case at all. It's actually at a High Low. Making now a good opportunity to enter the market.
  
  Good luck, Happy Trading.