AUDCAD BUY BIAS
A bullish pennant contains a descending channel and a possible inverse head and shoulders pattern.
I entered of the possible shoulder which lined up nicely with the 0.786 fib level, there was also a slowdown of momentum here and the 4HR was a doji at the time.
Placed stop loss below the possible head and bullish pennant trendline and the take profit in line with the previous high in the pennant, also the inverse head and shoulders neckline (both in a safe place).
I entered of the possible shoulder which lined up nicely with the 0.786 fib level, there was also a slowdown of momentum here and the 4HR was a doji at the time.
Placed stop loss below the possible head and bullish pennant trendline and the take profit in line with the previous high in the pennant, also the inverse head and shoulders neckline (both in a safe place).
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