AUDCAD - Bearish Shark checkback

A Bearish Shark retest on the AUDCAD gave me an opportunity to reverse my trade. You see, I was in a Bullish Trade(you can check out the related ideas titled AUDCAD - Bullish Bat at the bottom of the TradingView post)

The market seems not able to close beyond Point D of the Bearish Shark Pattern on the 1hourly- chart for an extended period of time.

I've been receiving comments and DMs if AUDCAD appreciates because of Gold and Oil. Well, it is not, the AUDCAD appreciated because I've longed it! ;P

Well, jokes aside, over the years, the correlation between the currency pairs has been weakened. If you are still treating AUD like the Gold movement, you are trading like 10years ago.

I've learned that during chaotic market conditions, it is best to trade via technical analysis.

If I'm wrong about this trade, I get stopped out, and I will wait for the next trading opportunity. It's that simple.

Check out the link at the bottom for our upcoming event or invitation to our community.

Trade closed: stop reached

Stop-Out 39pips

RaynLim

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AUDCAD - Bullish Bat

by RaynLim