Browse Symbol Stacks: AUDCAD: $AUDCAD trade on its way to weekly target level ... - The Market Zone
$AUDCAD trade on its way to weekly target level ... - The Market Zone
$AUDCAD trade on its way to weekly target level
In March 25th, the Elite Zone members (during the free trial period) received a setup with a weekly bearish, harmonic pattern in $AUDCAD. The setup was based basically on a weekly Butterfly pattern, Fib reversal zones and an important resistance zone.
Since it was a weekly pattern and a Butterfly (which tends to spike a lot near the PRZ before reversing) it was expected that this pattern will take some time before we will see the real reversal. It took the pattern almost a full month before finally breaking below the 1.03 zone and starting its movement towards first target zone around 1.0 zone (updates were sent frequently to the Elite Zone members).
After dropping about 150 pips, the price started trading in a tight daily range,which I assumed to be a bearish continuation Flag pattern.
In this week’s Weekly Markets Analysis, I posted a possible continuation trade setup in the $AUDCAD after last week’s false breakout of Flag. Today, this $AUDCAD setup broke below Flag pattern.
The continuation trade is up 100 pips and it looks like $AUDCAD harmonic pattern’s target (near 1.0) is next.
It is not easy to hold a trade for almost 2 months. Especially with current markets condition. But if you know how to manage your trades (taking profits/protecting profits) and stick with your initial analysis and your system you get a greater reward.
1.0 will make it a 300 pips trade! Currently the Elite Zone setup is up 220 pips.
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