Technician
Short

AUDCAD: Major Pin Bars at Resistance

FX:AUDCAD   Australian Dollar/Canadian Dollar
1672 15 24
I am looking to short the pair if we see another attempt to the upside towards 1.0020.
- Two major rejections(pin bars) at the 78.6 retracement level
-A horizontal resistance at 0.9980.
-The 200-days Simple Moving Average .
-Daily RSI in overbought region

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My best regards,
Technician

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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 then moved to break-even
4. Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If first target was reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
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Full target reached
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Technician, what do you do if you reach a first target and the market looks like it could be ranging back. Do you close the trade and take the 1st target profit or do you just let the market do whatever it wants until it hits your breakeven stop loss... ?
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Level Tpo Watch: #AUDCAD resistance at 1.0


I'm on it too. good luck
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The move really quick
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I shorted this last night on my fx Options account based on the candle stick formation alone. The MA & resistance level just confirms the move short if only for the next residing candle. Thank for the heads up :)
+1 Reply
Happy to help
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Nice. I have the same set-up on my page. I was able to get in @ 1.0000
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Why waiting for 1.0020 to short?
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because if shorted at market the stop would be too far. Money management issue
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