AUDCAD - Trend-Following Setup!

23 thg 5, 2022

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

AUDCAD is overall bearish trading inside the orange channel and now it is approaching the upper trendline acting as a non-horizontal resistance so we will be looking for sell setups on lower timeframes.

on M30: AUDCAD is forming a channel in red but it is not valid yet. So we will be waiting for a new swing low to form around the lower trendline to consider it our trigger swing. (projection in purple)

Trigger => Waiting for that swing low to form then sell after a momentum candle close below it (gray area)

Meanwhile, until the sell is activated, AUDCAD can still trade higher and break the resistance upward.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich