$100k Challenge - AUDCAD Long - E2 T1
Hey everyone!
Here is the second trade I'm taking for the challenge, enjoy!
Trade Description
Overall bearish short-mid term structure within a macro range. Price broke structure: it failed to print lower highs, instead, it formed an equal high as it visited the support area while stochastic formed a bullish divergence exiting the oversold area.
Price action showed a lack of continuation which signified demand around the support where the break of the structure was formed. A long trade was taken with the SL at 1-ATR under the last low and the TP1 set at the nearest relevant secondary level. TP2 will be set, as usual, open with a trailing SL and manually closed if the market shows significant reversal patterns.
Noticed a bearish trend-line after executing the trade, it has potential confluence around the TP1 minor resistance, will consider manually closing the second half of the trade once the price hits that area depending on how price action behaves.
Here is the second trade I'm taking for the challenge, enjoy!
Trade Description
Overall bearish short-mid term structure within a macro range. Price broke structure: it failed to print lower highs, instead, it formed an equal high as it visited the support area while stochastic formed a bullish divergence exiting the oversold area.
Price action showed a lack of continuation which signified demand around the support where the break of the structure was formed. A long trade was taken with the SL at 1-ATR under the last low and the TP1 set at the nearest relevant secondary level. TP2 will be set, as usual, open with a trailing SL and manually closed if the market shows significant reversal patterns.
Noticed a bearish trend-line after executing the trade, it has potential confluence around the TP1 minor resistance, will consider manually closing the second half of the trade once the price hits that area depending on how price action behaves.
