AUDCAD - Two types of SELL Opportunities!
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Hello!
AUDCAD offers as two types of trading opportunities.
1. The first one is almost right away, without any confirmations but with better risk/reward ratio:
- We have a break below the counter trendline (bulled from the bodies, because of the large wick from the 3. January, to remove the market noise) and now we retest it which should work as a resistance.
- The blue line should act as a resistance, not a significant resistance but still, we have seen bounces from this price level
- The trend is our friend and the recent trend is downwards
- We have a death cross between EMA 100 & 200 which will confirm a downtrend
- Last week candle got a close below the round number 0.95000 which will be a sign that the price want's to go lower.
So, sell on the blue line.
2. The second one is with confirmations and sell on rallies:
- If the current level works as resistance then wait for a candle close below the round number and below the orange area.
- The last week candle got a close below the 0.95000 which will be a sign that the pressure is still down.
- We have a counter trendline break, retest and movement downwards
- New short-term lower low
- Still the EMAs death cross
So, two scenarios, You can sell it almost right away or wait for those mentioned confirmations.
Why this trade could not work is the huge wick on the beginning of the January. It shows a quick and powerful rejection from the bottom and it may ruin the trade so, that's why I recommend You should wait for scenario 2.
Please, don't forget to hit the "LIKE" button!
Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
AUDCAD offers as two types of trading opportunities.
1. The first one is almost right away, without any confirmations but with better risk/reward ratio:
- We have a break below the counter trendline (bulled from the bodies, because of the large wick from the 3. January, to remove the market noise) and now we retest it which should work as a resistance.
- The blue line should act as a resistance, not a significant resistance but still, we have seen bounces from this price level
- The trend is our friend and the recent trend is downwards
- We have a death cross between EMA 100 & 200 which will confirm a downtrend
- Last week candle got a close below the round number 0.95000 which will be a sign that the price want's to go lower.
So, sell on the blue line.
2. The second one is with confirmations and sell on rallies:
- If the current level works as resistance then wait for a candle close below the round number and below the orange area.
- The last week candle got a close below the 0.95000 which will be a sign that the pressure is still down.
- We have a counter trendline break, retest and movement downwards
- New short-term lower low
- Still the EMAs death cross
So, two scenarios, You can sell it almost right away or wait for those mentioned confirmations.
Why this trade could not work is the huge wick on the beginning of the January. It shows a quick and powerful rejection from the bottom and it may ruin the trade so, that's why I recommend You should wait for scenario 2.
Please, don't forget to hit the "LIKE" button!
Thank You for your support, I really appreciate it!
CHEERS!
*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
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