Tag Archives: AUDCAD

AUDCAD SHORT & LONG IDEA (BAT PATTERN, 50SMA) #FOREX

AUDCAD SHORT & LONG IDEA (BAT PATTERN, 50SMA) 

AUDUSD Short Long BAT Pattern Trade
AUDUSD Short Long BAT Pattern Trade

View It On TradingView

Reasons For Trade:

1. Price may try to retest 50sma/200sma cross over to give us a short opportunity.
2. Target will be to complete advanced pattern where we will have another opportunity to go long. Wait for confirmation there.

Stop Placement:

  1. Above 50 sma at least and previous high

Targets:

  1. First short target at the completion of Bat Pattern.
  2. Long Position will have 2 targets: First at 38.2 Fib retracement where stops will come to break even after closing 50% of position. Second target will be 61.8 Fib retracement which is close to retest of B point of Bat Pattern

Trade Execution:

  1. See above

Concerns:

  1. None

Planned News Expected: (UK Time)

TueOct 20  1:30am AUD Monetary Policy Meeting Minutes
WedOct 21 3:00pm CAD BOC Monetary Policy Report
CAD BOC Rate Statement
CAD Overnight Rate 0.50% 0.50%
4:15pm CAD BOC Press Conference

Post Execution Review:

Pending

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Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
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Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
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#AUDCAD 4H Fibonacci, Gartley Short Idea

#AUDCAD 4H Fibonacci, Gartley Pattern Short Idea

AUDCAD 4H Fibonacci Short Idea
AUDCAD 4H Fibonacci Short Idea

Reasons For Trade:

1. Close Fibonacci Confluence of 0.786XA leg with 1.272 AB leg
2. Gartley Pattern
3.  RSI has been overbought i.e. above 80

Stop Placement:

  1. Above the are of resistance

Targets:

  1. 23.6 Fib Retracement of AD Leg will be the first target as this is currently respecting 23.6 instead of 38.2
  2. 50.0 Fib Retracement of AD Leg will be the second target as this is currently respecting 23.6 instead of 38.2

Trade Execution:

  1. Let the price reach the PRZ and look for Double Top or Bearish Divergence or an Advanced Harmonic Pattern completion in the zone on a lower time frame i..e. 1H or 15M chart.
  2. As soon as Target 1 is hit, move the stop to break even and close half of the position.

Concerns:

  1. Stop Placement. The Supply/Demand theory suggests stops where they are. However advanced harmonics dictates stops to go above previous structure.

Planned News Expected: (UK Time)

MonOct 12  6:20pm CAD BOC Gov Poloz Speaks
TueOct 13 1:30am AUD NAB Business Confidence

Post Execution Review:

Pending

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Leave a comment: I would love to hear your thoughts, suggestions on this topic. Please leave a comment.
---------------------------------------------------------------------------------
Disclaimer: This web site is just my financial trading log and is for educational purposes.
Please do your research, analysis and take your decisions. You must not rely on my actions or analysis.
Please see the Disclaimer page.
---------------------------------------------------------------------------------