Tag Archives: smacrossover

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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