Potential AUDCAD Short

6 Jan 2021

AUDCAD has shaped a flag inside of a flag inside of a flag following Daily, 4 hour and 1 hour structures. AUDCAD has also just performed 3 touches on the 1 Hour flag and 3 touches on the Daily flag making this a high probability setup. If the candle rejects this touch on the 1 hour timeframe I will be shorting the trading aiming for the bottom of the 1 Hour ascending channel targeting a 100 PIP move. Stop Loss is set at 15 PIPS. There is a possibility with 3 touches on the Daily flag that price could fall down to the bottom of the Daily ascending channel which would be a 200 PIP move. For now I will be targeting the lows of the 1 Hour channel and may scale in for the lows of the Daily channel.