AUDCAD GEOMETYRY TRADING DIAMOND CONTINUOUS BEARISH PATTERNS
Greetings traders,
I trust you had a fulfilling weekend, and to our British colleagues, enjoy the added day of respite for the UK Summer Bank Holiday on August 28th, 2023.
As we approach Monday, August 28th, 2023, we should anticipate a potential reduction in trading volume due to the ongoing holiday. However, let's remember that trading opportunities will remain available as Australia and the U.S. markets continue to operate, offering chances beyond the London session.
Our attention is drawn to a notable development: the AUDCAD pair is revealing a diamond continuation pattern on its hourly chart. This pattern could play a pivotal role in shaping future market dynamics.
Here's a breakdown of our strategy:
- Breakout Level: 0.86967
- Risk Management: Stops will be positioned around the mid-point of the diamond pattern or slightly above the previous peak before the breakout.
- Targets: Fibonacci levels indicate potential targets: 62% at 0.86656, 79% at 0.86572, 127% at 0.86328, and 162% at 0.86153.
- Asian Session News: Keep an eye on Australia's news during the Asian session. Monitoring the AUDCAD pair's response to these developments is prudent.
Best wishes for a week of successful and informed trading!
TCPLTP
I trust you had a fulfilling weekend, and to our British colleagues, enjoy the added day of respite for the UK Summer Bank Holiday on August 28th, 2023.
As we approach Monday, August 28th, 2023, we should anticipate a potential reduction in trading volume due to the ongoing holiday. However, let's remember that trading opportunities will remain available as Australia and the U.S. markets continue to operate, offering chances beyond the London session.
Our attention is drawn to a notable development: the AUDCAD pair is revealing a diamond continuation pattern on its hourly chart. This pattern could play a pivotal role in shaping future market dynamics.
Here's a breakdown of our strategy:
- Breakout Level: 0.86967
- Risk Management: Stops will be positioned around the mid-point of the diamond pattern or slightly above the previous peak before the breakout.
- Targets: Fibonacci levels indicate potential targets: 62% at 0.86656, 79% at 0.86572, 127% at 0.86328, and 162% at 0.86153.
- Asian Session News: Keep an eye on Australia's news during the Asian session. Monitoring the AUDCAD pair's response to these developments is prudent.
Best wishes for a week of successful and informed trading!
TCPLTP