DayFarrell
Short

AUDCAD beautiful setup, 2 options

FX:AUDCAD   Australian Dollar/Canadian Dollar
HERE IS A LITTLE AMBIGUITY, TWO BEAUTIFUL SET UP, BUT I'M NOT SURE WHICH, BUT TO BE ON THE SAFE SIDE, I'D TAKE THE STRUCTURE TRADE ABOVE . AGGRESSIVE AND GO FOR THE PATTERN. WHAT DO YOU THINK?
I SEE A SCENARIO WHERE BOTH CAN OCCUR, WITH A 38.2 RETRACE OF THE PATTERN AND HEAD TOWARDS THE WALL AT THE TOP.
WHATS YOUR OPINION?
Great , where stops should have been ????
Reply
DayFarrell Trading_Accuracy
structure trades such as this usually gives a good reward to risk, because the third top seldom exceed the highest point. in this situation 20 pips above high is not a bad stop since there is no previous structure to define stop. i will even try to get stops down to 10pips at times with trades like this. but during those times, i do not set an entry order, i get the rhythm of the market and jump in when i figure it has peaked, most of the time with the aid of a 5 min chart, and some elliott wave.
+1 Reply
thanx buddy
Reply
DayFarrell Trading_Accuracy
sure thing, cheers!
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