AUDCAD short after breakout and pullback for the week of 11 July
Preceding trend – has been bearish since April.
Current price action – Pullback to a major S/R zone.
Factors of confluence:
- Price is below the 50 EMA.
- The breakout was very strong – note the large bearish candle that shows momentum with the bears.
- The pullback is quite weak – note that it has taken 5 bullish candles to recover the gains made by the bears.
I am not looking for a deep retracement in the zone because of the apparent strength of the bears. This will mean a wider stop but we still have the potential for a +2.3R trade.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management and stay patient in all your trades.
Current price action – Pullback to a major S/R zone.
Factors of confluence:
- Price is below the 50 EMA.
- The breakout was very strong – note the large bearish candle that shows momentum with the bears.
- The pullback is quite weak – note that it has taken 5 bullish candles to recover the gains made by the bears.
I am not looking for a deep retracement in the zone because of the apparent strength of the bears. This will mean a wider stop but we still have the potential for a +2.3R trade.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management and stay patient in all your trades.
Trade attivo
Price did get to about 65% of my target but then turned around. My trade is still open with stop moved to break even.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.