AUDCAD - This Morning's Short

This morning I fired off an idea to our Syndicate members looking at a short opportunity on the AUDCAD. What I was looking at was a bearish Bat formation that would also double as a potential trend continuation trading opportunity based off of my higher timeframe analysis.

Although price provided us with a pain-free move to our initial target level it looks as if price is now returning to my entry point & I may be stopped out for breakeven on the 2nd half of my position.

It'll be interesting to see how price action reacts at the retest of these highs. 2nd chances aren't as good as first strikes so I will certainly look to be conservative in my approach, but we may see a back and forth consolidation until Wednesday's Monetary Policy & Rate Statement.

If price were to break above our previous highs 9860s-70s looks like the next good level to look for potential shorts.

Akil Stokes
Forex Trader & Trading Coach

Comment:

No surprise that we broke the highs. Again 2nd test are harder to come by. Let's see if price can travel up to our next killzone

Comment:

Now actively looking for shorts on the AUDCAD at the higher level of structure. I'll either be in or not in the trade by 4pm est once the current candle closes