AUDCAD Long
Setup Timeframe: 4H
Execution Timeframe: 1H
Risk: 3.1%
Reward: 7.72%
Reason for Entry: ABCD Pattern, at the end of C leg. Bouncing off near 61.8% fib level, and R1 level from above. And bouncing off 50 EMA 4H.
Reason for SL Placement: Below 61.8% level, and below 1.01, which is a strong resistance turned support, also bank level.
Reason for TP Placement: Near the -0.27 fib level, should see the D leg reach this.
Execution Timeframe: 1H
Risk: 3.1%
Reward: 7.72%
Reason for Entry: ABCD Pattern, at the end of C leg. Bouncing off near 61.8% fib level, and R1 level from above. And bouncing off 50 EMA 4H.
Reason for SL Placement: Below 61.8% level, and below 1.01, which is a strong resistance turned support, also bank level.
Reason for TP Placement: Near the -0.27 fib level, should see the D leg reach this.
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.