Hi traders
I spotted an intteresting opportunity on AUD/CAD. Ignoring all the pink arrows, which are the last impulses and retracements I use to detect the current market structure, we could be at the break of a new long impulse. It´s arriving to the .786% Fib Retracement Level and the .618% extension of a last microimpulse. It also has a good oversold level on the RSI. The Risk:Reward is 1:5, so it´s great! The confluence I saw is that is a GREAT area of support, tested and retested in the past.
This is just an idea. Remember two things more important than technical analysis always:
1) Have good risk management.
2) Have a good and calm approach to the market.
Be safe, profit well!
I spotted an intteresting opportunity on AUD/CAD. Ignoring all the pink arrows, which are the last impulses and retracements I use to detect the current market structure, we could be at the break of a new long impulse. It´s arriving to the .786% Fib Retracement Level and the .618% extension of a last microimpulse. It also has a good oversold level on the RSI. The Risk:Reward is 1:5, so it´s great! The confluence I saw is that is a GREAT area of support, tested and retested in the past.
This is just an idea. Remember two things more important than technical analysis always:
1) Have good risk management.
2) Have a good and calm approach to the market.
Be safe, profit well!