Bearish Continuation Pattern on AUDCAD - Potential Short Trade
Introduction:
AUDCAD is showing signs of a bearish continuation pattern on the H1 chart. A sharp move down was followed by a pullback forming a bearish flag pattern.
Entry and Target:
We can enter a short trade after a confirmed breakout below the flag's lower trendline. Our target is set at 0.86533, based on the height of the preceding flag pole projected downward from the breakout point.
Stop Loss:
For risk management, we will set the stop loss at 0.88888, just above the high of the recent fractal bar.
Note: This analysis is for informational purposes only and not financial advice. Remember to conduct your own analysis and risk assessment before making any trading decisions.
AUDCAD is showing signs of a bearish continuation pattern on the H1 chart. A sharp move down was followed by a pullback forming a bearish flag pattern.
Entry and Target:
We can enter a short trade after a confirmed breakout below the flag's lower trendline. Our target is set at 0.86533, based on the height of the preceding flag pole projected downward from the breakout point.
Stop Loss:
For risk management, we will set the stop loss at 0.88888, just above the high of the recent fractal bar.
Note: This analysis is for informational purposes only and not financial advice. Remember to conduct your own analysis and risk assessment before making any trading decisions.
Trade active
Took short entry at 0.88441Note
Moved trailing stop to above previous high on H1Note
Moved trailing stop to above previous high on H1Trade closed manually
Trade closed, 2nd trailing stop hit.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.