On October 31 2022 I posted the AUDCAD trade setup on social media @AidanFX “ LONG/BUY AUDCAD at 0.8709 Stop Loss 0.8699 TP 0.8739 (1:3RR) 0.8749 (1:4RR) 0.8759 (1:5RR)“
Buy Trade Setup
1. Price reacting higher from the 1 Hour Demand Zone signalling possible move higher (Purple)
2. Price broke above the downward Lower Low/Lower High sequence (Blue Line) (ChoCh=Change of Character)
3. Pending BUY order at 0.8709 and expecting the 15 minute Demand Zone/Buy Zone to be respected (Red)
AUDCAD 15 Minute Chart October 31 2022
BUY trade gets triggered at 0.8709 with Stop Loss at 0.8699. AUDCAD moves higher to the 1:4 RR 0.8749 target and closed trade for +40 pips (+4% gain risking 1% on every trade)
AUDCAD 15 Minute Chart October 31 2022
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. If you followed me on social media you too could have caught the AUDCAD move higher. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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