SETUP - AUDCAD may come down on one small wave to end correction then continue up
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Started doing higher highs... going up it looks
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Great move, two great entries this week.
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Trader_Dale
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Thanks for your great analysis! ABCD patterns are very strong ones!
Here is my view on AUD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see 3 main volume areas. The biggest one in the middle (around 0.9850) is POC - point of control of the year. It could be used as a magnet (place for profit target) for both of the positions.
Both the volumes around 1.003 and 0.972 made the markets move. Now I think that the market participants that created those 2 Volume clusters will still be active when the price reaches those areas again and move the price again.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale
Here is my view on AUD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action there are two very strong resist/support zones. If you look at the Cummulative volume on the right you can see 3 main volume areas. The biggest one in the middle (around 0.9850) is POC - point of control of the year. It could be used as a magnet (place for profit target) for both of the positions.
Both the volumes around 1.003 and 0.972 made the markets move. Now I think that the market participants that created those 2 Volume clusters will still be active when the price reaches those areas again and move the price again.
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale