AUD/CAD Trading Strategy Insight

11 feb 2021

I have a Donchian Channel set at period 71 on daily chart. I have already set my weekly FIB lines and have been following the retrace from March 2020. As per my previous ideas using Heikin-Ashi candles on the daily time frame only, I buy once the green candles close above the Donchian mid-point line. I stay in the trade until there is a red candle close. I will then close the trade. I will re-enter the BUY once there is a green candle close and it is above the mid-point line. I should point out that this plan is unlikely to be profitable in a sustained period of consolidation or ranging.

18 feb 2021

Nota

A slow start but sticking with it. Keep it long and the target could even be 10556. However, keep to the trading plan. There will be plenty of retraces and selling along the way but the only option will be to BUY as per the plan.
Another comment about the plan. A candle with some body is important. If it's just a doji (no price movement for the days trading) then close the deal. The plan is to stay in for the long run. Closing small negatives or positives will not take away from the long trending run.

23 feb 2021

Nota

By sticking to the strategy you should be riding the trend up.