AUD/CAD LONG

8 июн. 2021 г.

[As I shift my focus to trading, I will be publishing all my trade ideas going forward publicly as a form of accountability and to allow for proper thought and time to go into each trade. These records will be great to look back on to learn and grow from]

AUD/CAD LONG
[ENTRY: 0.93663]
[STOP: 0.92479]

Here are my reasons for entering a long position on AUD/CAD.

The confluences for my entry:
✓ Price bounced at a key level: 0.9265 (it's had major bounces here before)
✓ Price action created a higher high and a higher low
✓ The 4HR EMA Ribbon flipped positive (price action also pulled back in and tested the up-trending EMA's as support)
✓ The RSI indicator is signalling a possible bullish divergence is coming

I entered a long position with a stop loss below the daily swing low on key level - however I think I could've run with a tighter stock loss below market structure on the 4HR - I just wanted to have some breathing room until the trade runs up. Will move stop tighter and into profit as the trade makes higher lows.

** this is not financial advice **