AUDCAD Long idea 31/05/21
Multitime frame analysis, on the daily we look like we may get a crossover soon of divergence and convergence lines, on the 4 hour we have seen a nice shooting star where price has attempted to break lower. Green lines are areas of resistance that different TP's can be set. Even though the trend is down, RSI on the daily has pressed low but will want to come higher. Traders can wait for a confirmation of upwards movement before taking up trade.
Risk Allocation: 0.5%
R:R = 2.65
GL
Multitime frame analysis, on the daily we look like we may get a crossover soon of divergence and convergence lines, on the 4 hour we have seen a nice shooting star where price has attempted to break lower. Green lines are areas of resistance that different TP's can be set. Even though the trend is down, RSI on the daily has pressed low but will want to come higher. Traders can wait for a confirmation of upwards movement before taking up trade.
Risk Allocation: 0.5%
R:R = 2.65
GL
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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.