Hello everyone, if you like the idea, do not forget to support with a like and follow.
AUDCAD is overall bearish trading inside the brown trendlines.
Moreover, the green zone is a strong supply zone as we previously had an aggressive movement downward from it.
So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green supply and upper brown trendline. (acting as non-horizontal resistance)
As per my trading style:
As AUDCAD approaches the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
AUDCAD is overall bearish trading inside the brown trendlines.
Moreover, the green zone is a strong supply zone as we previously had an aggressive movement downward from it.
So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green supply and upper brown trendline. (acting as non-horizontal resistance)
As per my trading style:
As AUDCAD approaches the purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich