AUD/CAD SHORT TRADE H4 SETUP

Aug 1, 2023

I went short on this pair following a specific candlestick pattern and a support/resistance zone on the H4 timeframe.

I identified an engulfing candlestick pattern on the 4-hour chart, suggesting a potential change in market direction in favor of my short trade.

Furthermore, I noticed that the price has returned within a box that previously acted as both support and resistance. This led me to believe that the market might continue its bearish trend.

Here are my entry point, stop loss (SL), and take profit (TP) levels:

Entry point (short): 0.8820.
Stop loss (SL): 0.8881.
Take profit (TP): 0.8715.

This is just one of my trading strategies based on candlestick analysis and support/resistance levels. However, the market is always unpredictable, and trades involve risks. I maintain a strict risk management approach and am ready to adjust my stop loss and take profit as the trade evolves.

Please note that this information is provided for educational purposes only and does not constitute investment or trading advice. I encourage you to conduct further analysis and make informed decisions based on your financial situation and trading experience.