Trading Day 34 (17 Sept 2019)
Last week. AUDCAD was on a clear bullish track, breaching daily R1 on a daily basis. Yesterday, the bullish run paused, and price was trading within last Friday’s daily High Low range. I decided to make an assumption that AUDCAD is ranging with slight bullish bias. Price should be trading between 2 zone, namely
zone one 0.90500 - 0.91000
zone two 0.91000 - 0.91500
IMHO, price should be supported by 0.90500 and make attempt to test 0.91000 .
17 Sept 2019
1038HR SGT
Symbol : AUDCAD
Action : Merged Long
Lot : 0.04
Open : 0.90798 (merged two 0.02lot long AUDCAD at 0.9086 and 0.9073)
Target : 0.90808 (hit target)
Stop : 0.90449
At around 0900HR +, I had entered a 0.02 lot Long AUDCAD position at 0.9086 price level, targeting 0.90981 . However, price crashed, and i realised that i may have entered my position a tad too early. Thus, at 1038HR, i decided to average my position at 0.9073, hoping to average and square off my positions at 0.90808 .
At around the same time, I also entered another 0.03lot of AUDCAD long position.
17 Sept 2019
1038HR SGT
Symbol : AUDCAD
Action : Long
Lot : 0.03
Open : 0.90693
Target : 0.90808 (hit target)
Stop : 0.90449
If my assumption that price will test 0.9100 price level is correct. i should be able to at least hit my desired targets for the above 2 trades that i have made.
After one whole day of dreaded waiting, My trades finally hit target. So my guess was right after all, AUDCAD make attempts to test 0.91000 in the end.
18 Sept 2019
0028HR SGT
Symbol : GBPCAD
Action : Short
Lot : 0.005
Open : 1.65531
Target : 1.65299
Stop : 1.66251 (edited to 1.66551)
18 Sept 2019
0029HR SGT
Symbol : GBPCAD
Action : Short
Lot : 0.005
Open : 1.65518
Target : 1.65069
Stop : 1.66251 (edited to 1.66551)
Trades consideration,
Average weekly range for GBPCAD is about 300+ pips. Last week, High Low range was more than 500pips, a state of overbought exhaustion may not be impossible. Average daily range for GBPCAD is about 140pips. At present point of analysis, today’s High Low range has done about 160pips. It is my discretionary opinion that High Low range for the day is done, thus my directional bias for current US session is bearish.
From the weekly chart,
between 1.65000 - 1.66000 is a zone of significance (2018 Year Low)
between 1.63000 - 1.64000 is another zone of significance IMHO
IMHO, price should be ranging between these two zone of significance. A break above 1.66000 or below 1.63000 may signal a potential reboot of trending status either to the upside or downside.
“ Keep in mind the daily ATR is in the range of around 160 pips, so you’ll have to give this pair room to breathe, especially with the potential for Brexit-related news to pop up at any time. ” Pip Diddy
Taking into account of Pip Diddy’s comments, for my Short GBPCAD trades, i decided to move my stops further away to 1.66551 price level .
. Sounds like some kind of laxative medicine?! 
This is priceless!!
. Although, 1.75901 never came, still my stop loss was triggered due to widen spread. I manage to put in a 0.1lot EURNZD short trade in the nick of time and get to square off my losses. What a shame it is that my pre trade workup was right, and yet i didn’t get to make more pips.
