AUDCAD - Expect UpriseI would like to see a slight pullback to re-test the previous order block-level marked. The SL is protected by the daily ATR range and the TP is at a strong daily demand level. If we see price retrace slightly more I may consider setting a buy limit in hopes of getting a wick entry on this pair.
The only thing that could be potentially detrimental to this idea is the AUD employment change figures on Thursday, so fingers crossed this setup will become available early in the week.
COT Data - 56% Short
Audcadlong
Elliot Wave: AUDCAD Heading Higher In Wave iii of 5.AUDCAD reversed from the demand zone and completed a 5-3 wave cycle.
According to Elliot Wave theory, once a 5-3 wave cycle is completed, the market will resume in the direction of the trend!
The corrective wave unfolded has a w-x-y double zigzag in wave ii and already fulfilled the minimum requirements. Price has the potential to move higher in wave iii of 5.
Entry Ideas!
The green lines are the confirmation level for the bulls.
The red line is the invalidation zone.
What's your view on AUDCAD? Let me know in the comment.
Forex Trading, AudCad ResultForex Trade
Result Audcad
4 October 2020
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The pair went further down hit my sl before making its way up..
Made an early entry and paid the price.
Lesson never make and early entry .
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Note : Forex trading is very RISKY, you will lose all your money if not careful with your risk
management. USE PROPER RISK MANAGEMENT.
: Use your own strategy and to reconfirm setups before taking any trades.
Long AUDCADThis pair was in an uptrend until it got range bound about 2 months ago. These s/r zones that I have marked have shown their relevance several times already and price is being held by the lower one again. Also see the H4 view in my chart below.
A long trade here provides an excellent R/R.
Please use sound risk and money management in all your trades.
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AUDCAD ON A CHANNEL// DAILY TIME FRAME AUDCAD
The price is currently on a channel on a daily chart and I consider that the price will respect the purple line and go back up again to touch the red dotted line near level 0.96263.
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El precio esta de momento en un canal en la temporalidad diaria y considero que el precio respetara la zona morada punteada como un piso y volverá a subir para tocar la linea punteada roja y la linea de tendencia morada cerca del nivel 0.96263.
AUD/CAD Technical Analysis
The counter is currently trading around a strong resistance zone that triggered a sell-off previously.
According to the wave, it has now completed the ABC correction for the down move it made.
Further, the entire setup looks like a head and shoulder in the higher timeframes.
Hence, we expect the pair to move down from here.
AUD_CAD STRUCTURE LONG|TRADING PLAN
BIG picture
AUD_CAD IS TRYING TO BREAK THE RESISTANCE BEING IN A TRIANGLE AT THE CHANNELS END|
(1) Either wiggle in the triangle OR straight upwards.
(2) After breakout>>> LONG after pullback.
(3) Targets on the chart.
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