AUDCAD - Long Opportunity

FX:AUDCAD   澳元/加元

The RSI is oversold on the daily chart and we can see that the market made a retest of the current level several times. It gives us a good chance for taking a long trade and get around 190 pips of profit, risking just a little more than 90 pips.

Have a nice trading day ;)

It looks like it went to re-test previous big resistance and I am still in this trade
marck023 marck023
@SN_Doumet @rafedihs I am looking to go long around the area where the Fibonacci confluence takes place. As I see it in the RSI in is oversold but I am still waiting for a divergence there to enter the position as well. It seems that this week there are no major news that could affect this pair, so I would think it will continue lower just to the green box I drew, before it sky rockets to re test the previous highs. What do you think?
SN_Doumet marck023
@marck023, I already see a divergence on the stochastic as well as a Hammer on the Daily which is why I think it could be moving up, maybe this week...
are you looking into reopening?
Now what do you think after it it 0.961xx? Then up around 70 pips and closed at 0.964xx? Should i hold my position as i have been floating on 0.97xx level since monday haha. Its very oversold now tho. Damn market makers
@marck023 thanks for this! TP? 0.99?
marck023 mlepper
@mlepper, You welcome. Yes, the TP at 0.99 is a good idea for me because you can see that the pair is just kind of ranging and I would wait for a clearer sign that the market intends to go farther up before I take another long position.
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