AUDCAD has been on a recent uptrend and completed a bearish bat around a trendline resistance. On H4 timeframe, an RSI bearish divergence is seen. Upon confirmation of the bearish bias, I will go short. Stop loss is just above the X point. The take profit target is set at the 61.8 Fibonacci retracement level of the AD leg. Trade details are as follows:
Trade Setup: Bearish Bat
Price Entry 0.95545
SL 0.96174 | SL pips 62.9
TP2 0.92821 | TP2 pips 272.4
RRR2 4.33
Trade Setup: Bearish Bat
Price Entry 0.95545
SL 0.96174 | SL pips 62.9
TP2 0.92821 | TP2 pips 272.4
RRR2 4.33
Komentar:
I am still waiting for confirmation of the bearish bias. On H4 timeframe, there is a double top with broken neckline. However, on D1 timeframe, there is a bullish engulfing pattern. It would be safer to enter with a clear break and close below the trendline support.
Komentar:
There is now a triple top and breakout (aggressive). I am placing a sell limit order.
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