EURCAD: we saw an inverted head and shoulder pattern, then a rally to the upside. waited for a break and retest of the neckline(resistance now turned supposed support). a 1:2.5RRR, let's see how it goes.
we've seen bearish structure this past week coming from the pound. i reckon the weakness in currency strength will continue. nevertheless, we got a break below that structural support that is now to be a potential resistance. there was reaction at that level and i got into the trade. my stop loss is well above the structure and my take profit is at the next major support.
price is in a heavy uptrend. i was looking for an opportunity to continue this and i found a neat break and retest. my take profit is set to the highs. whether or not it gets there isn't really my problem because i trail my stops as price moves in my direction!
CONFLUENCES
1) UPTREND.
2) BREAK AND RETEST.
USD has been showing signs of strength for a while now and i look to continue the downward trend on AUDUSD. at the 50% Fibonacci retracement level we see a break and retest.
CONFLUENCES:
1) OVERALL DOWNTREND
2) 50% RETRACEMENT LEVEL.
3) BREAK AND RETEST.
