jetly232

Descending channel - Buy

Long
FX:AUDCAD   Australian Dollar/Canadian Dollar
Descending channel has formed.
Hence look for LONG entry
RR = 1:3
Trade active: Trade is going as forecasted, we still have 1% risk on the table, will be moving to breakeven ones we cover 1% of the entry point
Comment: Keep Trading simple and no messy charts with lagging indicators.
Trading is fun and money comes as a side effect.

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Trade closed: target reached

Comments

Doesn't the broken support of the descending channel be considered as a bearish signal here?
Reply
jetly232 Rahull_
@Rahull_, Sorry friend. I did not understand your question
I dont trade support or resistance or indicators.

Purely trading based on patterns
Reply
Rahull_ jetly232
@jetly232, I mean to say there is a bigger ascending channel there, before the descending one. Which is going up, it's trending has been broken so doesn't it counted as bearish?
Reply
jetly232 Rahull_
@Rahull_, Good question!

That is the bigger picture.
As of now we trade only what the market is telling us.
For the above trade the market showed us its going to go long soon. hence we enter long. Keeping in mind the bigger picture will be to the down side in future.
Reply
Rahull_ jetly232
@jetly232, yeah got it. Thanks!
Reply
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