AUDCAD - short at historical structure

FX:AUDCAD   澳幣 / 加元
1595 17
Trading is all about finding probabilities that give you an edge. A historical support/resistance level is such an edge. If you take a look on the daily chart you will see that the current level has been serving both as support and resistance for numerous times in the past.

Don't you think it's likely that we'll see a reversal here (even if temporary) that we can take advantage of ? This price level, if we stay below, bears will try to repeat the sell opportunity that was successful the previous time, and the ones that were not on board for the previous short will like to try their chances now.

On top of the S/R level , we are at the 0.618 fibonacci retracement of the previous move down and we can see bullish divergence on the RSI .
Personally I will look for an additional confirmation like a reversal candle or a double top , which even raises the chances of being right.

What do YOU think ?

Agree with this idea ? Thanks for giving me the thumbs up by clicking the like button.
Have another view, have questions, comments ? Feel free to share it below !
More ideas like this ? Click the follow button to keep updated when I publish new ideas or update already published ones.
交易進行: Shorted 0.9840
交易結束:達到停損點: Good analysis, followed the plan, but did not work out.
Just one of those losing trades, which is part of trading.

lmao what happened here? waitttt commmeee bacckkkk
+1 回覆
It looked really nice, when I was opening - couple pips above you, it seemd as perfect wave count, waiting for reversal....
well, lets see...
+1 回覆
Nico.Muselle sketchmaster
Well, the market is always right, we are not .. That's why we put stops :)
Anyway, it can still reverse, a trade is not lost until the stop loss is hit.
albert.callisto Nico.Muselle
I think it's interesting to look why the trade failed, to improve ourselves. Of course it's always easier afterwards to understand the whole picture. Anyway, I switch to Ichimoku and see that there was a cloud twist nearby. Such thin areas are providing some path of least resistance to the price and, considering that Kijun was broken with ease, there was a fairly good probability that the price would try to reach the upper side of the thin cloud (your stop).
pointoftangency Nico.Muselle
Stop hit
+1 回覆
Nico.Muselle pointoftangency
Yep ... just proves again that you cannot win them all :)
200 sma
+1 回覆
Hi Nic ! I too shorted as per your idea and as it is about to touh h4 sma. Thank you
+1 回覆
Additional confirmation ! I like it ! Good luck with your trade ! :)
ZH 繁體中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
AR العربية
HE עברית
首頁 股票篩選器 外匯篩選器 加密貨幣篩選器 全球財經日曆 如何運作 圖表功能 網站規則 版主 網站 & 經紀商解決方案 小工具 圖表庫 功能請求 部落格 & 新聞 常見問題 幫助 & 維基 推特
個人資料 個人資料設定 帳戶和帳單 我的客服工單 聯絡客服 發表的想法 粉絲 正在關注 私人訊息 在線聊天 登出