STOP, ENTRY, TP - AUDCAD - LONG
Over extension on the daily.
Distant double bottom on daily with an engulfing candle upwards.
4 HOUR 50 EMA hasn't been that well respected. Still presents as possible opposition to the trade working out as detailed.
1 HOUR 50 EMA has been broken and would align with a 0.382 retrace as a new higher low confirming the direction prediction. ( refer to the call outs )
Bull MACD on the 1 hour this already playing out to some degree with the large move upwards.
Some PRO's and CON's
Arguably we have a trend line still containing price along the tops on the 1 hour.
Just over 3.25 to 1 if it all goes my way after the brokers cut..
Hope you all had a good weekend.
P.S Welcome any directions regarding drawing of Bulls..
Distant double bottom on daily with an engulfing candle upwards.
4 HOUR 50 EMA hasn't been that well respected. Still presents as possible opposition to the trade working out as detailed.
1 HOUR 50 EMA has been broken and would align with a 0.382 retrace as a new higher low confirming the direction prediction. ( refer to the call outs )
Bull MACD on the 1 hour this already playing out to some degree with the large move upwards.
Some PRO's and CON's
Arguably we have a trend line still containing price along the tops on the 1 hour.
Just over 3.25 to 1 if it all goes my way after the brokers cut..
Hope you all had a good weekend.
P.S Welcome any directions regarding drawing of Bulls..