The AUDCAD is on strong Buy side since the start of this month. Enough to be in overbought area.
The Channel / Rising wedge is confirming its strong buy on H1 timeframe.
Now we are waiting for the breakout of this Rising Wedge. Yet we will not trade unless it doesn't break its Lower High at 0.9140 which will be the start of our Bearish Trend on H1 time frame. the first target is 0.9080 and 2nd Target is at 0.9026.
I already placed two trades, 1 aiming for target 1 and 2nd aiming for target two. Remember, not to forget to move the SL to Break even after target 1 hits.
what about H4 time frame?
Well, the above analysis on H1 timeframe may pave the way to break the 0.9102 level which comes in between our Entry and Target 1. If it breaks then we must be sure for our target 2 while trading with 0 risk after moving down our SL to Break even if target 1 hits.
The Channel / Rising wedge is confirming its strong buy on H1 timeframe.
Now we are waiting for the breakout of this Rising Wedge. Yet we will not trade unless it doesn't break its Lower High at 0.9140 which will be the start of our Bearish Trend on H1 time frame. the first target is 0.9080 and 2nd Target is at 0.9026.
I already placed two trades, 1 aiming for target 1 and 2nd aiming for target two. Remember, not to forget to move the SL to Break even after target 1 hits.
what about H4 time frame?
Well, the above analysis on H1 timeframe may pave the way to break the 0.9102 level which comes in between our Entry and Target 1. If it breaks then we must be sure for our target 2 while trading with 0 risk after moving down our SL to Break even if target 1 hits.
Note
We will change our position after a new swing at hourly timeframe. Let it make new Higher Low and we will update our Entries.Order cancelled
Trade cancelled because the pair made another Higher High which fades our Idea. So our trade didn't trigerred. We will look this pair again.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.