AUDCAD INTRADAY BREAK OUT TRADE SETUP
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Hi everyone:
Here is my view on AUDCAD SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #3
Date: 11/29/2016
Time: 03:00 GMT
Forex Pair/Commodity: AUDCAD
Position: SHORT (SELL)
Reward/Risk: 3+:1
Opportunity:
Daily: After an over extended run to the downside, price action pull up to hit 50 EMA and 0.382 fibs retracement, formed a strong doji at horizontal support and resistance of 1.0100
4 Hour: Price action can not break up the 1.0100 resistance line, now broke down the support trend line, forming a bear engulfing candle
1 Hour: After break down the support trendline, price action formed a bearish flag pattern, hit the 50 EMA and main pivot point, MACD divergence shown
5 min: Price action can not break above main pivot point and short term horizontal resistance line of 1.045
Looking to take this pair to previous strong horizontal support/resistance line @0.9920 and daily
200 EMA
Thank you for your support
Here is my view on AUDCAD SHORT, Any type of feedback is greatly appreciated it. Thank you
Trade: #3
Date: 11/29/2016
Time: 03:00 GMT
Forex Pair/Commodity: AUDCAD
Position: SHORT (SELL)
Reward/Risk: 3+:1
Opportunity:
Daily: After an over extended run to the downside, price action pull up to hit 50 EMA and 0.382 fibs retracement, formed a strong doji at horizontal support and resistance of 1.0100
4 Hour: Price action can not break up the 1.0100 resistance line, now broke down the support trend line, forming a bear engulfing candle
1 Hour: After break down the support trendline, price action formed a bearish flag pattern, hit the 50 EMA and main pivot point, MACD divergence shown
5 min: Price action can not break above main pivot point and short term horizontal resistance line of 1.045
Looking to take this pair to previous strong horizontal support/resistance line @0.9920 and daily
200 EMA
Thank you for your support
Nota
Correction: 5 min: Price action can not break above the horizontal resistance line of 1.0045**Trade chiuso: obiettivo raggiunto
Date: 11/30/2016Time: 17:00 GMT
Hit price @0.9915 for a 3% profit from a 3:1 Reward/Risk Ratio trade setup
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