My Technical Analysis
1. AUDCAD broke the downtrend line on the daily timeframe and started its uptrend.
2. Price Respected the support zone on 4hr timeframe proving our buy bias.
3. Discovered a Divergence on the 1hr timeframe and price started a short term downtrend.
4. Recently Discovered another divergence on the 15min timeframe indicating a potential reversal.
5. Now waiting for market to give us conformation for entry by breaking the trendline (down) and 50 period EMA on 15min TF to continue the uptrend.
The Entry is expected to be somewhere around 0.9680 as showed on the chart.
Stop loss will be just below the Swing low / for tight stop loss - just below the 50EMA and the trendline breakout / or simply using the ATR indicator.
Take Profit Target will be the near swing high for safety / or move stop loss to break even at 1:1 RR and trail stop loss (recommended cause uptrend started on higher TFs and expected to go further).
About Myself
Hello Traders, I'm Sid a new trader in the market, started 6 months ago, did a price action / technical analysis course recently and now I'm here to practice and test my skills in real time. I'll be sharing my analysis on many forex pairs and my ideas here. Would appreciate your support (like, share, comment, etc.) and I'll see you on the next episode of Drag.... I mean Sid's Analysis.
Bye.
1. AUDCAD broke the downtrend line on the daily timeframe and started its uptrend.
2. Price Respected the support zone on 4hr timeframe proving our buy bias.
3. Discovered a Divergence on the 1hr timeframe and price started a short term downtrend.
4. Recently Discovered another divergence on the 15min timeframe indicating a potential reversal.
5. Now waiting for market to give us conformation for entry by breaking the trendline (down) and 50 period EMA on 15min TF to continue the uptrend.
The Entry is expected to be somewhere around 0.9680 as showed on the chart.
Stop loss will be just below the Swing low / for tight stop loss - just below the 50EMA and the trendline breakout / or simply using the ATR indicator.
Take Profit Target will be the near swing high for safety / or move stop loss to break even at 1:1 RR and trail stop loss (recommended cause uptrend started on higher TFs and expected to go further).
About Myself
Hello Traders, I'm Sid a new trader in the market, started 6 months ago, did a price action / technical analysis course recently and now I'm here to practice and test my skills in real time. I'll be sharing my analysis on many forex pairs and my ideas here. Would appreciate your support (like, share, comment, etc.) and I'll see you on the next episode of Drag.... I mean Sid's Analysis.
Bye.