The AUDCAD is still on the uptrend. Price moves upward since early September 2015 and broke severals resistance level on the daily time frame. Recently, price on the AUDCAD is retrace back to the old daily resistance/new daily support level around 0.9980 and printed a Pin Bar on the 12-hour chart. This pin bar is obvious with the tail that rejecting the new support level. I decide to open 2 (two) long positions with the stop loss below the 12-hour Pin Bar.
OP: buy stop 1.0043, SL: 0.9947, TP1: 1.01120, TP2: 1.0200
- I will cancelled the order if the price moves below and pass through the low of the 12-hour Pin Bar.
- Adjust stop loss to break even if the price reach first target.
AUDCAD daily chart – zoom out
AUDCAD daily chart – zoom in
AUDCAD 12-hour chart