Technician
Short

AUDCAD: Pulling the Short Trigger

FX:AUDCAD   Australian Dollar/Canadian Dollar
630 10 3
Update: Moved stop to entry
Update: Closed my two positions at 0.9960.
Profit(pips)= 45x2=90

Price failed at 1.0050 resistance level today, was rejected to form a bearish shooting star . in addition to a potential bearish rising wedge in play. Another possible short here unless price decisively break above 1.0050 resistance

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is moved to breakeven
4. Second unit at second target
5. If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losses is a main part of the game ;)
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Looks like an inverse head and shoulders that has not met its target and in my opinion this trade needs more confirmation it just looks like negative feedback in the overall trend. I may look to go long if it fails to break the downside on the wedge... Still on the sidelines for this trade.
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It has developed strong resistance at 0.995 area
snapshot
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This one is active now
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Barabaszek Technician
Working.Good Luck.
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Technician TOP Barabaszek
Yeah, this one is a bit concerning for me .. As i am bullish on AUD. But I am doing some sort of hedge on this trade, as i am long aud against euro
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Moved stop to entry
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Update: Close my two positions at 0.9960.
Profit(pips)= 45x2=90
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SwingAndPip Technician
It's right at that wedge though.
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Nice selloff!
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alex.a Technician
CAD got stronger after weaker GDP. Don't know why.
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