AUDCAD Long Position
Higher Highs (HH) & Higher Lows (HL): The pattern of higher highs and higher lows is an indication of an uptrend, showing that the buying momentum is strong.
Trendline Break and Retest: The break above a key trendline signals a shift in market sentiment toward the upside. A retest of this trendline provides an opportunity to confirm the trend change as previous resistance becomes new support.
Buy Stop Above Recent Higher High (HH): Placing a buy stop order above the most recent higher high allows you to enter the trade only if bullish momentum continues, reducing the risk of entering on a false breakout.
Entry: Place a buy stop order just above the recent higher high (HH). This allows you to enter the trade if the price continues moving upward, confirming the bullish momentum.
Stop-Loss: Place a stop-loss order below the most recent higher low (HL) or below the retested trendline. This helps to protect against a potential reversal and limits risk.
Trendline Break and Retest: The break above a key trendline signals a shift in market sentiment toward the upside. A retest of this trendline provides an opportunity to confirm the trend change as previous resistance becomes new support.
Buy Stop Above Recent Higher High (HH): Placing a buy stop order above the most recent higher high allows you to enter the trade only if bullish momentum continues, reducing the risk of entering on a false breakout.
Entry: Place a buy stop order just above the recent higher high (HH). This allows you to enter the trade if the price continues moving upward, confirming the bullish momentum.
Stop-Loss: Place a stop-loss order below the most recent higher low (HL) or below the retested trendline. This helps to protect against a potential reversal and limits risk.
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