AUDCAD: Speculating on More Upside #forex
Recently the price broke above the 50-days SMA and completed a non-ideal inverse head and shoulders pattern. Supported by bullish divergence on RSI.
The price was halted at the main descending resistance, retreating towards the broken neckline for the Inverse H&S and the 50-days Average.
I already have a long position active, however the for a better risk-reward i would average slightly lower.
Good luck
Exclusively Subscribers to my mailing list will get one month access to my trading account . subscribe here 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
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
The price was halted at the main descending resistance, retreating towards the broken neckline for the Inverse H&S and the 50-days Average.
I already have a long position active, however the for a better risk-reward i would average slightly lower.
Good luck
Exclusively Subscribers to my mailing list will get one month access to my trading account . subscribe here 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
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game
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