Hey guys! its your girl Forex Potatoe on the charts again and here is a breakdown of my analysis for AUDCAD.
AUDCAD has been in a prolonged downtrend for a long time coming, Weekly and Daily Timeframe is currently in a downtrend with 4H in an uptrend. Since the longer term timeframe is downtrend and 4H in an uptrend(apparently having a pull back).
We would be interested in taking a short position, therefore 4H timeframe has to correlate with Weekly and Daily Timeframe, we would have to wait for the break of the last low on 4H and a retest to enter a Sell position
Kindly follow me and tell me what you think about this analysis so far.
AUDCAD has been in a prolonged downtrend for a long time coming, Weekly and Daily Timeframe is currently in a downtrend with 4H in an uptrend. Since the longer term timeframe is downtrend and 4H in an uptrend(apparently having a pull back).
We would be interested in taking a short position, therefore 4H timeframe has to correlate with Weekly and Daily Timeframe, we would have to wait for the break of the last low on 4H and a retest to enter a Sell position
Kindly follow me and tell me what you think about this analysis so far.