AUDCAD, 4hr tf, head and shoulders reversal to materialize
Hello my friends,
Another setup for next week is AUDCAD pairs.
As you can see, price finally make a lower high lower low after moving higher for 1 month.
This mean we could see some retracement on this pair.
It is also supported by the chart because there is a head and shoulders pattern forming.
Price already broken below the neckline.
We're now waiting for price to retrace first before entering sell.
Selling it right away won't yield a good trade setup.
We will wait for AUDCAD to retrace around 0.9560 and start selling from there because it will yield 3R trade setup.
Set a sell limit pending order at 0.9560, if price never comeback to touch our order then we will skip this trade.
Sell limit AUDCAD 0.9560
Stop loss 0.9615
Take profit 0.9390 (3.1R)
RR ratio 1 : 3.1
Use only 1-2% risk
Good luck
Another setup for next week is AUDCAD pairs.
As you can see, price finally make a lower high lower low after moving higher for 1 month.
This mean we could see some retracement on this pair.
It is also supported by the chart because there is a head and shoulders pattern forming.
Price already broken below the neckline.
We're now waiting for price to retrace first before entering sell.
Selling it right away won't yield a good trade setup.
We will wait for AUDCAD to retrace around 0.9560 and start selling from there because it will yield 3R trade setup.
Set a sell limit pending order at 0.9560, if price never comeback to touch our order then we will skip this trade.
Sell limit AUDCAD 0.9560
Stop loss 0.9615
Take profit 0.9390 (3.1R)
RR ratio 1 : 3.1
Use only 1-2% risk
Good luck