AUDCAD Bearish Reversal or A young Break?
Please note, this a continuation of an idea that we published previously, please see attached Idea.
The long position triggered and it is currently on 91.6 Pips for those that closed half the position and let trade run as it is very evident that Bulls are still in control.
The guys that closed at TP: Should be happy with a neat 130 Pips.
Now we are at crossroads, analysing the weekly timeframe we are still running with slight bearish pressure reflecting a candle losing momentum. Looking at the daily timeframe we can clearly see the exhaustion candle after the bullish long day. This gravestone formation is the first signal for a pending bearish reversal. The current candle running is however struggling to break below the previous day low. We are still within the channel so we cant decide to close out as yet.
Taking a look at the 4 hour timeframe, we can see the descending triangle, a few stalemates between Bulls & Bears but lower highs giving us an indication the Bulls are tired or bears are taking control. We will monitor this zone, and watch either for a break or The bulls taking more control.
We will be managing this trade in such a way that we keep as much of the gains as possible, not cutting trade too soon aswel.
Update SL to support zone @0.93102
Lets update the TP to a 3:1 RR (@0.9419) and keep managing it. We are aiming to keep riding this trend for as long as possible.
The long position triggered and it is currently on 91.6 Pips for those that closed half the position and let trade run as it is very evident that Bulls are still in control.
The guys that closed at TP: Should be happy with a neat 130 Pips.
Now we are at crossroads, analysing the weekly timeframe we are still running with slight bearish pressure reflecting a candle losing momentum. Looking at the daily timeframe we can clearly see the exhaustion candle after the bullish long day. This gravestone formation is the first signal for a pending bearish reversal. The current candle running is however struggling to break below the previous day low. We are still within the channel so we cant decide to close out as yet.
Taking a look at the 4 hour timeframe, we can see the descending triangle, a few stalemates between Bulls & Bears but lower highs giving us an indication the Bulls are tired or bears are taking control. We will monitor this zone, and watch either for a break or The bulls taking more control.
We will be managing this trade in such a way that we keep as much of the gains as possible, not cutting trade too soon aswel.
Update SL to support zone @0.93102
Lets update the TP to a 3:1 RR (@0.9419) and keep managing it. We are aiming to keep riding this trend for as long as possible.
Trade closed: stop reached:
Trade hit the adjusted stop
67 Pips in the green.
67 Pips in the green.
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AUDCAD LONG
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Lets manage this trade.