If you are looking to scale in or open a position, I see a potential Head & Shoulders forming on the M30, signaling a potential end of the retracement.
This is not financial advice. Forex is a risky business. Trade at your own risk.
last day's price makes a significant downtrend by bouncing the resistance line down and now the price already breakout of the resistance line which means it will go uptrend. Retest has created and nice candle confirmation has created, you can see at the 1H timeframe same structure are created.
This is an educational + analytic content that will teach why and how to enter a trade
Make sure you watch the price action closely in each analysis as this is a very important part of our method
Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions
Price is currently trading within and continuing to form a decending widening wedge (which still hold even on the D1). I made a further analysis on the H4 and foound that price has formed a decending widening wedge too. We are currently nullish from a second resistance trrendline touch. I believe price will continue long until it gives us the third touch on the...
audcad buy :
1)its going well with the pattern trend
2)ema lines gave a confirmation
3)nice naked candle formed for buy signal in 1d tf
wait for the candle to touch the blue line then place a buy trade
take profit : green line
stop loss : red line
AUDCAD is coming off a strong bearish move. Looking for price to reverse within the purple box and go bullish. If you look back previously in the market, price went from bearish to bullish in this area.
There are a few confluences that make the situation interesting with this pair.
1. Price is over extended
when price is over extended we can expect a retracement
2.We have the shoulder, head and_____
we can expect the completion of the head and shoulders. With the movement that we expecting the patter will be complete.
3. M formation
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Hi Traders, AUDCAD on H1 has been making HHs and HLs. It also has broken above the Resistance line and retested it. Before going up it might go to around 0.93150 and then goes higher to 0.93470
⬆️Buy now or Buy at 0.93150
⭕️SL @ 0.93084
✅TP1 @ 0.93470
✅TP2 @ 0.93765
Welcome to our weekly trade setup ( AUDCAD )!
Bearish pullback towards main sr level.
Closure above support zone.
Expecting further upside movement..
ENTRY LEVEL @ 0.93200
SL @ 0.92940
TP @ 0.93840
Max Risk: 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
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". There is a possibility of temporary retracement to the suggested support line (0.9313).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
. AUDCAD is in a range bound, and the beginning of an uptrend is expected.
. The price is below the 21-Day WEMA, which acts as a dynamic...