This week I am posting Long at AUD/CAD. Again I dont use indicators , Just candle pattern and S&R.
TimeFrame - Daily
Currency Pair - AUD/CAD
Position - BUY - Long
Entry Point - 1.0520
Stop Loss - 1.0470
Profit Targets - 1st 1.0664, 2nd - 1.0740
Risk Reward - 1:3
Indicator Used - I have just used Support and resistance and candle pattern .
Trade Adjustments - Buy 2 lots , Close 1 lot once the target reached 1.0664. Adjust your stop loss to break even and let the profits run.
The reason I picked up this pair was by looking the resistance level in past few months(I was waiting for the candle to close but posted the trade before that). I was hoping that the resistance will turn to support but actually the trade totally went wrong. So no vote for me this time
Correct you are on the “No Vote For Me On This One.” Surely glad I did this on my demo account. Let try again, maybe a winner on the next one, you think?
Nice spot. However I wanna ask you something. What might be the implications of that major Double Top Formation? Don’t you think that the momentum is just too high on the short side for your trade to go long?
You are right GicsEric in regards to double top, As I mentioned I posted the trade before the close of daily which was the mistake and the support of 150EMA was also little far. I was thinking of pullback but nothing went right.
