the complete setup for AUDCAD in the monthly time frame and following the strategy about support and resistance strategy.
we found the price moving in the down channel but there is a historical important support area in the monthly timeframe, so we should respect it.
in the weekly timeframe, we couldn't admit that the price rejects the support area so we moved to the daily chart.
we found a strong uptrend and that trend is broken trying to reach the bottom of the highest high of the uptrend and that is what the market did.
so from this point, we are expecting the price will reject this area after the backtest and going up.
moving to the COT report we found a huge volume for selling CAD currency, so we decided to buy AUDCAD.
TRUST THE PROCESS
#EG-Finance
we found the price moving in the down channel but there is a historical important support area in the monthly timeframe, so we should respect it.
in the weekly timeframe, we couldn't admit that the price rejects the support area so we moved to the daily chart.
we found a strong uptrend and that trend is broken trying to reach the bottom of the highest high of the uptrend and that is what the market did.
so from this point, we are expecting the price will reject this area after the backtest and going up.
moving to the COT report we found a huge volume for selling CAD currency, so we decided to buy AUDCAD.
TRUST THE PROCESS
#EG-Finance
