AUDCAD : Bull tunnel entry post 9 week breakout up! 30.5
Simple technicals combined with a broad perspective.
1) Resistance trend-line ongoing since April 5th was broken 24th may, indicating bull trend initiating.
2) Since breakout, connecting lows and highs are parallels indicating a consistent up-trend in the shape of a tunnel.
The range of the tunnel is 0.980 to 0.916 , current rate is 0.911.
A break below 0.980 with a daily close would confirm downside potential to 0.9000.
So buying now and placing a stop lower than 0.980 is the first option with a TP at 0.916.
Second option is to to wait for a 4h candle close break above 0.916 and TP at 0.9222 with a SL back below at 0.9135.
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I hope you this was helpful! If you found that it was, please like and follow! Would truly mean a lot.
Thank you so much for reading - I encourage you to ask questions, make comments.. I promise to reply to each one.
I am not a financial advisor and it's best to make your own research and trade cautiously.
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1) Resistance trend-line ongoing since April 5th was broken 24th may, indicating bull trend initiating.
2) Since breakout, connecting lows and highs are parallels indicating a consistent up-trend in the shape of a tunnel.
The range of the tunnel is 0.980 to 0.916 , current rate is 0.911.
A break below 0.980 with a daily close would confirm downside potential to 0.9000.
So buying now and placing a stop lower than 0.980 is the first option with a TP at 0.916.
Second option is to to wait for a 4h candle close break above 0.916 and TP at 0.9222 with a SL back below at 0.9135.
---------------------------------------------------------------------------------------------------------------------
I hope you this was helpful! If you found that it was, please like and follow! Would truly mean a lot.
Thank you so much for reading - I encourage you to ask questions, make comments.. I promise to reply to each one.
I am not a financial advisor and it's best to make your own research and trade cautiously.
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Trade fermée: ordre d’arrêt atteint
Drop below tunnel trend-line discarded the upside potential and opened massive downside.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.