AUDCAD SELL bias
Audcad on a descending channel, tested the trend 5 times and bouncing off from the supply zone, going into the next month I will be expecting audcad to sell. We might need to hold position for several weeks as this is a swing setup and subsequent re-entry will be based on pull back giving us a lower high structure.
Entry
A market execution is it okay with little risk and subsequently re-enter after downtrend is confirmed. Alternatively you can also place a sell limit at 0.92267 as price is not expected to break this previous high.
Catalyst
If price breaks the previous high and close above the D1 down channel upper trend, then the market might be reversing... Similar to this might be a fake out to clear retail traders pending orders and stop hunt, but this is going to be attributed to a very fast and big movement to manipulate traders.
Entry
A market execution is it okay with little risk and subsequently re-enter after downtrend is confirmed. Alternatively you can also place a sell limit at 0.92267 as price is not expected to break this previous high.
Catalyst
If price breaks the previous high and close above the D1 down channel upper trend, then the market might be reversing... Similar to this might be a fake out to clear retail traders pending orders and stop hunt, but this is going to be attributed to a very fast and big movement to manipulate traders.
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