Okay so there is going to be a big move to the downside soon, but we just don't know when. The best course of action is to jump into the breakdown of the flag that is forming at the moment. The reasons I am very bearish on this pair is because on the daily timeframe we have just broken through the neckline of the head & shoulders pattern. The RSI on the D1, H4 and H1 are all showing bearish rotation.
I'll be posting live updates here throughout the trade.
Trade active
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AUDCAD just came up and gave us a great entry. I missed the retest, which would've been even better but im satisfied with the trade setup so far. Targets being taken at a 1.618 extension of the previous move down for a nice 2.44 RR.
Trade closed: stop reached
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Unfortunately it came up and blasted right through the stop loss. When losing a trade, always write in your journal what you could've done better and why the trade didn't work out.