AUDCAD-swing trade

1 de jun. de 2020

With AUDCAD we are currently making higher highs and higher lows on the Daily and H4 charts, which means that we are in an uptrend. Since we are in an uptrend, we will be looking for buying opportunities only, as it is always better to trade with the trend, rather than to try and catch tops and bottoms, because that is an easy way to blow your account. We are waiting for a pullback into the flipzone support (blue area) where we will be looking at price action for possible buy entries. We never just buy in these areas, always wait for confirmation, this is to minimise your losses. Losses are a part of trading and every trader loses trades here and there, but the goal is to ensure that your wins outweighs your losses, and one of the ways to can minimise your losses is to wait for confirmation on the sensitive areas. Wait for bullish candlestick patterns to form as this will be your confirmation that price is rejecting the area. No confirmation, means no entry.
And always use good risk management!