AUDCAD - Buy Setup Forming!

AUDCAD is overall bearish, trading inside our red channel pattern but since it is sitting around a strong support zone in green, we will be looking for buy setups.

Before we buy, we want the buyers to prove that they are taking over again. You don't want to buy a bearish market right?

Our upper red trendline is valid but we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)

Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)

Meanwhile, until the buy is activated, AUDCAD would be overall bearish and can still dive inside the green support before going up, or even break it downward.

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich