AUDCAD 4H and 1D trend convergence – short opportunity
Being a new guy, I am not sure of the validity or terminology of this observation. But comparing the trends on the 4H and 1D charts, and looking for AB=CD patterns, I can see two of them converging down at the 0.92700 level.
The 4H downtrend is well confirmed with 3 lower highs and 2 lower lows (two of the lower highs look close on the 1D chart, but are correct on the 4H chart).
The 1D trend is waiting to be confirmed at the 0.92700 level I marked.
Let me know your thoughts on this one, I am trying to improve my knowledge base.
The 4H downtrend is well confirmed with 3 lower highs and 2 lower lows (two of the lower highs look close on the 1D chart, but are correct on the 4H chart).
The 1D trend is waiting to be confirmed at the 0.92700 level I marked.
Let me know your thoughts on this one, I am trying to improve my knowledge base.
Nota
AUDCAD 4H update – probable new lower high at 61.8Looks like a lower high is forming at the 61.8 retracement level. Williams %R is turning. Waiting for price to cross below counter trend trendline. Possible entry at 0.95668, SL 0.96076, TP 0.95097.
Penafian
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