AUDCAD: Probably Heading for a Correction!
Update: Trade is active now!
Update 2: First Target Hit, moved stop loss to breakeven
Update 3: Second unit stopped out at break-even
Profit(pips)=+90
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The price has hit key support area, we have tentatively broken below the support, but could be a false breakout as i see signs of bullish rebound in my view.
-0.618 retracement level for 0.9410-1.0348 bullish wave
-1.618 extension level for the recent main bullish wave
-Descending support
-Bullish divergence on RSI is starting to unfold
Trade Safe, and Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
Update 2: First Target Hit, moved stop loss to breakeven
Update 3: Second unit stopped out at break-even
Profit(pips)=+90
------------------------------------------------------------------------------------------------------------------------
The price has hit key support area, we have tentatively broken below the support, but could be a false breakout as i see signs of bullish rebound in my view.
-0.618 retracement level for 0.9410-1.0348 bullish wave
-1.618 extension level for the recent main bullish wave
-Descending support
-Bullish divergence on RSI is starting to unfold
Trade Safe, and Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page www.thefxchannel.com
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
