AUDCAD, daily tf, double top pattern to materialize
Hello my friends,
Today i got a nice setup fo AUDCAD pairs.
Before i start my analysis i am gonna review some of my trading positions that i shared with everyone here.
Yesterday was a great day that so many positions hit take profit and i banked some decent profit.
In total it was +18% profit and it consists of:
1st is GBPJPY pairs for +120 pips banking +4% profit
2nd is XAUUSD pairs for +300 pips banking +6% profit
This setup take some times to materialize but it was worth the wait.
3rd is CADJPY pairs for +125 pips banking +10% profit
This trade stop loss was only 25pips as we get into it at a very good position. I closed my position at 78.50 as it has already gave decent profit
I am planning on selling it again once i got some retracement on this pair.
4th is EURAUD pairs which take my stop loss for -70 pips yielding -2% loss
This trade take my stop loss before going in favor with my direction.
After taking my stop loss, i managed to jump into it once again and now it is going in my favor again.
As you can see, there is no way we could get 100% right all the time but if we managed the risk properly we will get positive results.
This par made an obvious double top pattern and price already broken below the neckline/support zone.
This upwards movement is a retest of broken neckline in my opinion.
This is a textbook trade so we don't need to analyze it in a complicated way and just keep it simple.
The measured objective of this pattern is 230 pips to the downside and it is not completed yet.
So we will sell it again to see if this objective gonna be completed or not.
Sell AUDCAD 0.9400
Stop loss at 0.9450
Take profit 0.9200
RR ratio 1 : 4 (4R)
Use only 1-2% risk
Good luck
Today i got a nice setup fo AUDCAD pairs.
Before i start my analysis i am gonna review some of my trading positions that i shared with everyone here.
Yesterday was a great day that so many positions hit take profit and i banked some decent profit.
In total it was +18% profit and it consists of:
1st is GBPJPY pairs for +120 pips banking +4% profit
2nd is XAUUSD pairs for +300 pips banking +6% profit
This setup take some times to materialize but it was worth the wait.
3rd is CADJPY pairs for +125 pips banking +10% profit
This trade stop loss was only 25pips as we get into it at a very good position. I closed my position at 78.50 as it has already gave decent profit
I am planning on selling it again once i got some retracement on this pair.
4th is EURAUD pairs which take my stop loss for -70 pips yielding -2% loss
This trade take my stop loss before going in favor with my direction.
After taking my stop loss, i managed to jump into it once again and now it is going in my favor again.
As you can see, there is no way we could get 100% right all the time but if we managed the risk properly we will get positive results.
This par made an obvious double top pattern and price already broken below the neckline/support zone.
This upwards movement is a retest of broken neckline in my opinion.
This is a textbook trade so we don't need to analyze it in a complicated way and just keep it simple.
The measured objective of this pattern is 230 pips to the downside and it is not completed yet.
So we will sell it again to see if this objective gonna be completed or not.
Sell AUDCAD 0.9400
Stop loss at 0.9450
Take profit 0.9200
RR ratio 1 : 4 (4R)
Use only 1-2% risk
Good luck