Descending channel - Buy Long

FX:AUDCAD60

Australian Dollar/Canadian DollarFXCM

Description

⋅ Jul 16, 2020 5:15 AM

Descending channel has formed.
Hence look for LONG entry
RR = 1:3

Trade active

⋅ Jul 16, 2020 12:54 PM

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

⋅ Jul 16, 2020 1:41 PM

Keep Trading simple and no messy charts with lagging indicators.
Trading is fun and money comes as a side effect.

Please Like, comment and follow my tradingview channel as it will encourage me to post in more trade ideas.

Trade closed: target reached

⋅ Jul 30, 2020 2:53 PM

Trend Analysis Elliott Wave

Comments

Rahull_

⋅ Jul 30, 2020 5:11 AM

Doesn't the broken support of the descending channel be considered as a bearish signal here?

jetly232

⋅ Jul 30, 2020 5:18 AM

@rahulkumar12569, Sorry friend. I did not understand your question
I dont trade support or resistance or indicators.

Purely trading based on patterns

Rahull_

⋅ Jul 30, 2020 5:52 AM

@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?

jetly232

⋅ Jul 30, 2020 2:53 PM

@rahulkumar12569, 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.

Rahull_

⋅ Jul 30, 2020 3:34 PM

@jetly232, yeah got it. Thanks!