AUDCAD LONG

AUDCAD LONG

Why are we entering?
- Expecting AUD strength and CAD weakness
- We in wave 5, and we are about to form subwave 4 which is a bullish correction which we are trying to catch
- We are expecting rejection at our -0.618 fibonacci level which is also a structure level

What is our confirmation?
- Rejection of our -0.618 fibonacci level
- Break of WFB trendline

Entry 0.855
SAFE Entry: Rejection of -0.618 fibonacci level with a break of our WFB trendline
RISK entry 1: Rejection of -0.618 fibonacci level
RISK entry 2: Early break of WFB trendline

Once entered, where will our Stoploss be?
- Below the fibonacci level (below 0.852) 30 pips
- Move SL to BE after running 30 pips

Where do we take profits?
- Secure profit multiple times along the way (30 pips, 60 pips, 120 pips, 200 pips)
- First TP - -0.27 fibonacci level : 0.875 (200pips)
- Final TP - Subwave 4 invalidation level : 0.891 (360pips)