AUDCAD - Bullish Flag

A Bullish Flag may just form up on the AUDCAD 1-hourly chart. The 15minutes chart may provide a possibility of a 61.8% retracement after the double bottom has formed. Although with the current candlestick formation, it is unlikely for a retracement to happen, if it does it will give me a better fill.

The current entry gives you a 1.4:1 Reward:Risk, if a retracement happens, it will easily give you a 2:1.

Well, for me I engage half of my position, so when the market run without waiting for me, I still can earn some and when it retraces I can wait for candle confirmation to engage the second half.

Note

Alerts are placed on the retracement level I'm waiting as well as at the bearish bat completion to observe if I should exit slightly earlier.

Note

The final last 6pips to go. Well, it seems like the retracement isn't happening. I'm glad that I've engaged half of my intended direction over not entering at all.

This is the advantage of being a hybrid trader.
Be Grateful!
A cup full not a cup empty!

RaynLim

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RaynLim

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