AUDCAD Long
Updated
Today I found a potential butterfly pattern on Aussie vs Canadian dollar.
0.875 is the price level I'm waiting for.
In this place, we can also see FE 161.8 of Fibonacci extension and also 161.8 of external Fibonacci retracement.
In my opinion that is enough confluence there to consider to open a long position.
I would have 2 possible targets in this trade.
First is on point X of the whole formation, that would be also 0.5 of Fibonacci retracement of potential CD wave.
Second is on point B of this potential formation, and that is also the Fibonacci retracement level 0.618.
Entry: 0.875
TP1: 0.884
TP2: 0.887
SL: 0.872
R/R1 = 1/3
R/R2 = 1/4
0.875 is the price level I'm waiting for.
In this place, we can also see FE 161.8 of Fibonacci extension and also 161.8 of external Fibonacci retracement.
In my opinion that is enough confluence there to consider to open a long position.
I would have 2 possible targets in this trade.
First is on point X of the whole formation, that would be also 0.5 of Fibonacci retracement of potential CD wave.
Second is on point B of this potential formation, and that is also the Fibonacci retracement level 0.618.
Entry: 0.875
TP1: 0.884
TP2: 0.887
SL: 0.872
R/R1 = 1/3
R/R2 = 1/4
Trade active
Trade closed: stop reached
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