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Audcadsell

AUDCAD, 4hr tf, head and shoulders reversal to materializeHello my friends, Another setup for next week is AUDCAD pairs. As you can see, price finally make a lower high lower low after moving higher for 1 month. This mean we could see some retracement on this pair. It is also supported by the chart because there is a head and shoulders pattern forming. Price already broken below the neckline. We're now waiting for price to retrace first before entering sell. Selling it right away won't yield a good trade setup. We will wait for AUDCAD to retrace around 0.9560 and start selling from there because it will yield 3R trade setup. Set a sell limit pending order at 0.9560, if price never comeback to touch our order then we will skip this trade. Sell limit AUDCAD 0.9560 Stop loss 0.9615 Take profit 0.9390 (3.1R) RR ratio 1 : 3.1 Use only 1-2% risk Good luck
Short
by HayatoDragonFX
AUDCAD - Its like Christmas, here's another! 🎅🎄AUDCAD has been a little choppy for us. 3/4 losers on the bounce. But that's OK, because we understand probability and can see the win rate and trade history. We also know when we get a winner this will cover them - because we ride that trend. Could this be the one? Our algo thinks so, it's identified a sell position with all of the confluences now met. This is easy right? No lines, no S&R - no analysis, all I have to do is follow it. The major plus point is I can see it works with all the data within the strategy tester. This helps me and our traders have confidence and belief in our execution. When do we close this? We close on a reverse signal - but you can do as you wish. I don't recommend jumping on random trades you see on TV - that's no plan and you won't have a consistent clear edge. BUT, if you want to - knock yourself out. We have data on this pair on 229 trades Since 2018, 40% have won - which isn't too bad - along with average win and average loss we have in play. Starting with £500 since 2018 trading this just one would have yielded returns of 100% - now I know the past doesn't predict the future - but its a start. And the data is live! The open sell position is showing in open P/L. Multiple targets are on the chart too and they're based on ATR. The entry price, SL and multiple TPs are shown on the chart. _____________________________________________________________________________________________________________________________________________ What is our strategy? Our strategy is a trend following strategy, can be used on any instrument and time frame. However, we have hard coded specific parameters for when trading the H1 time frame, so we can back up over 4200 previous trades to confirm our edge from previous data. This gives us confidence in execution and belief in our trading strategy for the long term. The strategy simply sits in your trading view, so you will see exactly what we see - the trade, entry price, SL and multiple TPs (although we hold until opposite trade as this is the most profitable longer term plan), lot size, etc. This could be on your phone trading view app, or laptop of course. The hard work is done, so we have zero chart work time, no analysis, no time front of the chart doing technical analysis - technical analysis is very subjective - you may see different things at different times - how do you have a rigid trading plan on a H&S shoulder pattern? Your daily routine, diet, sleep, exercise can affect what you 'see' and your decision making, this doesn't happen when a strategy is coded like this; what we do have is a mechanical trading strategy... What does this mean? It means, we are very clear on our entry and our exit and use strict risk management (this is built in - put in your account size, set your risk in % or fixed amount and it will tell you what lot size to trade!) so we have no ego with our position and we are comfortable with all outcomes - its simply just another trade. This free's our mindset from worry and anxiety as we take confidence from knowing our edge is there and also that we have used sensible risk management. The strategy itself can be used as a live trading journal too - how cool is that? The strategy will confirm and support every open and closed position - so its quite easy to follow. We just have to do what Percy does. Intrigued? I bet, have a look at the related ideas or drop me a DM for more info.
Short
by pow_removetheguesswork
AUDCAD short opportunity We can see a W formation on the weekly chart and we can expect the market to go and test the neckline of W formation. AUDCAD is very bullish right now. So, we want to see AUDCAD reverse and make a retracement before continuing further. But, from the daily chart, we can see AUDCAD breaking the 0.95750 resistance level and making a higher high. So, not a good time to take a short. If we are to take a short we have to see the market shift first from bullish to bearish in the daily chart.
Short
by rafi_trader21
AUDCAD: BULLISH Power Fading...Great Short Opportunity!!!From our previous analysis, you can see that we managed to predict the BULLISH movement made by AUDCAD and we were looking for movement till this resistance zone. This will be an update from my previous analysis so if you yet to read it do check it out. Currently, what we saw from AUDCAD is BULLISH movement trying to breakout from this resistance zone but we saw some struggles which now give us a great BEARISH outlook. AUDCAD price level was unable to break this ichi cloud showing BULLISH strength. In fact, we see price starting to move downward from here. I will be looking to make a good SELL trade to the support level @0.9405 where I potentially see a trendline forming if AUDCAD will like to break up higher. I will update further movement at a later date as of now I will short this pair to the support zone. Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
Short
by YGForex