Hello Traders, welcome to the Daily Forex technical analysis. Today is May 15th, 2019 and we will be taking a look at the Australian Dollar against the Canadian Dollar. Now keep in mind we do have some numbers coming out for China and the Aussie this evening that could give us some volatility. Looking at the 1 hour time frame we can see price action has retraced back to the .9325 support area, if price action holds this area we will be looking for an opportunity Long. Entry for a Long position near the .93260 area, with a Stop Loss near the .93123, with a target profit level area of .93646 to ensure a profitable trade with a 2.82 to 1 R/R.
@kevinthestan, With a plan in mind, when you enter a trade, knowing how to manage the risk is single-handedly the most important part of trading. The stop loss is an available option that every successful trader uses to protect their capital. The trade went south and we were prepared for it as should be anyone trading. That is the value of learning TA with Price Action Pros.
skgogoi
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Most of the fx pairs are falling down for one reason or the other.