Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
The Audcad currency pair currently appears to be setting up a bearish reversal on the weekly timeframe after a 5-month rally. The daily chart below shows price testing the up-sloping trendline as it tries to break through. The next major support lies below at .9900, followed by .9800, which is the weekly breakout level above the weekly trendline. There was an opportunity to go short with a stop above the weekly highs when the pair first tested the daily trendline and bounced back towards 1.0100s. For new short entries, I would like to see a daily close below the trendline, and a retest pullback to 1.0050. The stop loss could be placed above 1.0120/50, with profit targets at .9900, and .9800.
As always, thanks for reading..Happy trading! 🙂
This is the last trade setup I posted: http://winnersedgetrading.com/my-euaraud-forex-trading-plan/
If you are interested in trading this with me, it is a good idea to follow me on twitter, since I am able to give quick updates there, and you will be able to get them instantly.
When trading always use a stop loss and calculate the proper risk management for your account. This analysis aims at providing assistance to the forex trading community here at Winners Edge Trading, thereby helping them to make informed trading.
Winner’s Edge Trading, as seen on: