AUDCAD SHORT & LONG IDEA (BAT PATTERN, 50SMA)
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:
- Above 50 sma at least and previous high
Targets:
- First short target at the completion of Bat Pattern.
- 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:
- See above
Concerns:
- 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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