AUDCAD INTRADAY BREAK OUT TRADE SETUP
Hi everyone:
Here is my view on AUDCAD SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #3
Date: 11/29/2016
Time: 03:00 GMT
Forex Pair/Commodity: AUDCAD
Position: SHORT (SELL)
Reward/Risk: 3+:1
Opportunity:
Daily: After an over extended run to the downside, price action pull up to hit 50 EMA and 0.382 fibs retracement, formed a strong doji at horizontal support and resistance of 1.0100
4 Hour: Price action can not break up the 1.0100 resistance line, now broke down the support trend line, forming a bear engulfing candle
1 Hour: After break down the support trendline, price action formed a bearish flag pattern, hit the 50 EMA and main pivot point, MACD divergence shown
5 min: Price action can not break above main pivot point and short term horizontal resistance line of 1.045
Looking to take this pair to previous strong horizontal support/resistance line @0.9920 and daily
200 EMA
Thank you for your support
Here is my view on AUDCAD SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #3
Date: 11/29/2016
Time: 03:00 GMT
Forex Pair/Commodity: AUDCAD
Position: SHORT (SELL)
Reward/Risk: 3+:1
Opportunity:
Daily: After an over extended run to the downside, price action pull up to hit 50 EMA and 0.382 fibs retracement, formed a strong doji at horizontal support and resistance of 1.0100
4 Hour: Price action can not break up the 1.0100 resistance line, now broke down the support trend line, forming a bear engulfing candle
1 Hour: After break down the support trendline, price action formed a bearish flag pattern, hit the 50 EMA and main pivot point, MACD divergence shown
5 min: Price action can not break above main pivot point and short term horizontal resistance line of 1.045
Looking to take this pair to previous strong horizontal support/resistance line @0.9920 and daily
200 EMA
Thank you for your support
Note
Correction: 5 min: Price action can not break above the horizontal resistance line of 1.0045**Trade closed: target reached
Date: 11/30/2016Time: 17:00 GMT
Hit price @0.9915 for a 3% profit from a 3:1 Reward/Risk Ratio trade setup
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.