This is a follow up. I'm watching some fall off in momentum on AUDCAD from daily down to 4H time frames. On the weekly time frame price has moved into an investor zone and is struggling.
At this point in time I assess probability as greater for the south between 1D to 4H time frames. The markets may well prove me wrong. For every probability in one direction...
There is probably a head and shoulders in there. Trend on 4H seems to be weakening.
No recommendations. My entry point was based on other methodologies.
These are the setups that im watching
- All of them have the same criteria lie always , its nothing out of this world just following simple rules and let the market play out by itself !
From a 5 year consolidation comes a bearish opportunity.
Let's see how the year closes with this baby.
P.s. I mean to say Fib extension tool for the stop loss.
See previous screencast on AUDCAD
I still see potential for a reversal and I explain why.
Also see recent other setup on EURUSD using similar methodology.
In today's video updated we look at a trading opportunity on AUDCAD 1hr chart. Currently the market has found resistance at the key weekly zone and looks to be forming a Daily double top pattern.
If the market can pullback into the 1hr area of structure we will look for short opportunities into the neckline support.
I show two 4H charts on how it is possible to get more out of a low RSI as a trend follower. Note this is not meant to apply to other forms of trading strategies.
I left out something in the commentary!
On the H4 charts, you will see the prices have tested the Trendline Resistance which is the upper line of the Downward Channel and it coincides with the 0.618 fibo retracement level. More substantiation to a SELL TRADE!
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This video breaks down AUDCAD from the monthly timeframe to the 15 minute. Market structure, fibonacci, trendlines, reversal candlestick patterns etc utilized.
Waiting for a 15 minute TF break of structure, a pullback, and candlestick confirmations before selling. :D
An inside bar has formed off of a near term support level. Price is consolidating in the long term but in the short term there is some price bullishness. This pattern formed after a small pullback and could set us up for the next leg higher. As soon as price breaks out of the mother candle I will begin moving my mental stop up at logical points and ride this as...
AUDCAD SELL
Entry: .9815 - .9820
TP1: .9790
TP2: .9740
TP3 (Swing): .9300
SL: .9850
Risk/Reward: 2.33
• All signals are at your own risk. Please use proper risk management. We suggest never risking more than 5% of your balance on one trade. Trading carries a great deal of risk, be careful! Loss streaks come just as easy as winning streaks. If you use risk...
SELL
Entry: .9815 - .9820
TP1: .9790
TP2: .9740
TP3 (Swing): .9300
SL: .9850
Risk/Reward: 2.33
• All signals are at your own risk. Please use proper risk management. We suggest never risking more than 5% of your balance on one trade. Trading carries a great deal of risk, be careful! Loss streaks come just as easy as winning streaks. If you use risk...
