Market price is approaching a resistance level and momentum is reaching a resistance level as well. As long as market price stays below 1.007 and momentum stays below .004 area this is a safe trade. If momentum breaks above the resistance level I have in place the trade would no longer be safe and should be possibly closed as it could open up room for a bullish move.
There should be an opportunity here for a buy or sell depending on what happens with the price action. If price closes above the dark blue resistance line, I would expect price to go up to at least around the .97900 area. To take the safest trade, wait for a re-test of the resistance line (which would be support at a re-test). If price closes below the upward...
A week of decissions stays ahead this week (50th week`16) ... 1.03975 start of extended downside trendline (november`16) 1.00947 end of extended downside trendline (november`16) This could be an usefully long/short decission helper! 0.99394 1st high this month (december`16) 0.98427 1st low this month (december`16) 0.98439 1st test of this month...
We have very simple trade setup here - after our rectangular range breakout,AUDCAD came downwards giving us around 70pips profit and now in support zone, so pullback to 1.0050's ? Lets see...won't we get another 50 pips in this move... Enter on valid confirmation as per your trade plan with proper stops Happy Trading !
AUDCAD is ranging for past 24hours in hourly timeframe, so I expect a breakout out of this rectangle. We can enter the breakout direction once we have valid confirmation. Keep this AUDCAD in your radar and watch closely, enter on the breakout with stops. Happy Trading !
HERE IS A LITTLE AMBIGUITY, TWO BEAUTIFUL SET UP, BUT I'M NOT SURE WHICH, BUT TO BE ON THE SAFE SIDE, I'D TAKE THE STRUCTURE TRADE ABOVE . AGGRESSIVE AND GO FOR THE PATTERN. WHAT DO YOU THINK? I SEE A SCENARIO WHERE BOTH CAN OCCUR, WITH A 38.2 RETRACE OF THE PATTERN AND HEAD TOWARDS THE WALL AT THE TOP. WHATS YOUR OPINION?