Potential AUDCAD Short
AUDCAD has shaped a flag inside of a flag inside of a flag following Daily, 4 hour and 1 hour structures. AUDCAD has also just performed 3 touches on the 1 Hour flag and 3 touches on the Daily flag making this a high probability setup. If the candle rejects this touch on the 1 hour timeframe I will be shorting the trading aiming for the bottom of the 1 Hour ascending channel targeting a 100 PIP move. Stop Loss is set at 15 PIPS. There is a possibility with 3 touches on the Daily flag that price could fall down to the bottom of the Daily ascending channel which would be a 200 PIP move. For now I will be targeting the lows of the 1 Hour channel and may scale in for the lows of the Daily channel.
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.