Hi guys, this evening i want to bring your attention on this scenario on AUDCAD. As you can see on the left hand side of your screen, price is now testing a key resistance zone on the daily timeframe. Also, it has created two different ab=cd patterns (one on the daily, one on the 4hr chart) that are going to complete right at that structure level. RSI is in overbought condition on the 4HR. Pay attention to price action. I'm waiting for a sell signal. I'll keep you updated!
If you want to share your viewpoint, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
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Awaiting for a double top:
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If you were an aggressive trader, you'd probably have cashed in some profits at this time. I missed my entry signal right around 1,0320. Too bad!
I am unsure of the ABCD thing, but an RSI that broken the 80.000 level spells sell to me :-)
Roker1
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@Glendooie, let's see how it plays out!
Glendoonie
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@Roker1, I have bee in th AUD/CAD trade for a couple of days noe and IT KEEPS giving. Current market price is 1.02303. My TP is at 1.02155. I am in profit NZD 57. This lot size is 0.1. I closed my larger lot sied trades because I got scared. What would be a good TP do you think.?
Glendoonie
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@Glendooie, OK, so I can't type AND be talking on the phone at the same time. I hope you managed to get the gist of my situation followed by a question :-)
Glendoonie
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@Glendooie, 0.004 SEE SUCH A LUNG WAY DOWN ...
Roker1
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@Glendooie, If it breaks 1,02 it could go all the way down to 1,0120s
Roker1
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@Glendooie, i would have taken the first position out at 1,0250 and the second at 1,0130