AUDCAD INTRADAY BREAK OUT TRADE SETUP

29 nov. 2016

Hi everyone:

Here is my view on AUDCAD SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #3

Date: 11/29/2016

Time: 03:00 GMT

Forex Pair/Commodity: AUDCAD

Position: SHORT (SELL)

Reward/Risk: 3+:1

Opportunity:

Daily: After an over extended run to the downside, price action pull up to hit 50 EMA and 0.382 fibs retracement, formed a strong doji at horizontal support and resistance of 1.0100
4 Hour: Price action can not break up the 1.0100 resistance line, now broke down the support trend line, forming a bear engulfing candle
1 Hour: After break down the support trendline, price action formed a bearish flag pattern, hit the 50 EMA and main pivot point, MACD divergence shown
5 min: Price action can not break above main pivot point and short term horizontal resistance line of 1.045

Looking to take this pair to previous strong horizontal support/resistance line @0.9920 and daily
200 EMA

Thank you for your support

29 nov. 2016

Note

Correction: 5 min: Price action can not break above the horizontal resistance line of 1.0045**

30 nov. 2016

Trade fermée: cible de profit atteinte

Date: 11/30/2016
Time: 17:00 GMT

Hit price @0.9915 for a 3% profit from a 3:1 Reward/Risk Ratio trade setup