AUDCAD Within Primary Trend

FX:AUDCAD   Australian Dollar/Canadian Dollar
We didn't post this trade as we viewed it as too much risk, consequently we took a small position. AUDCAD             is in the process of forming point 4 of a primary wave. We were expecting this pair to trade down to the 61.8% Fibonacci level completing point 4 of 5 but it gave us a premature close followed by a strong candle bounce. Liking the action but not liking the fact that it didn't form point 4, as stated we took a smaller than normal position.

After the close of the bullish candle which we viewed as a strong sign we took AUDCAD             long at 0.94252 Our algorithm was giving us 90% chance of a bullish move which helped give us the confidence to take the added risk in this trade. Unfortunately we do not have enough size to piece out of and will look to liquidate at one price.

This does not mean that point 4 can't still form. We could very easily get a reversal but it will have to happen rather quickly as too not take out point 3. If we do in fact get a point 4 we will reevaluate and possibly take another long trade as this pair will be in the process of forming a 5 point primary wave.
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