AUDCAD: Bearish Divergence
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f you like Forex trading only, I advise you to add this market in your watchlist. The price bounced from 0.91000 resistance zone. RSI confirmed the price reversal. MACD supports a downside movement. DMI does not tell us that the buyers are strong, and they can push the price upside.
The price diverged with RSI, and it gives us a trend reversal signal.
If we get a breakout below the local uptrend line, it will give a bearish signal. We will have a good sell opportunity. The exact entry points for sell trades you will be able to search in the daily and hourly timeframes. The stop orders must be placed above the local swing high and 0.91000 resistance. Profit targets can be based on SMAs, as well as the round numbers. Risk per trade must be no more than 2% of the trading capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The price diverged with RSI, and it gives us a trend reversal signal.
If we get a breakout below the local uptrend line, it will give a bearish signal. We will have a good sell opportunity. The exact entry points for sell trades you will be able to search in the daily and hourly timeframes. The stop orders must be placed above the local swing high and 0.91000 resistance. Profit targets can be based on SMAs, as well as the round numbers. Risk per trade must be no more than 2% of the trading capital.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Note
If the price stays below the local swing highs, the trading idea will be workable. We will have to wait for the breakout below the local uptrend line.
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