Direction: Long (Buy)
Entry Type: Limit Order
Risk-to-Reward Ratio: 3.47
Technical Context:
AUDCAD has been developing a strong bullish trend structure with clean higher highs and higher lows. Price has recently broken out of a consolidation range and is now forming a potential continuation setup. The current entry targets a retest of the breakout zone, which overlaps with an area of previous accumulation.
Entry Level:
A Buy Limit order is placed at 0.88339, coinciding with the upper edge of the former consolidation and acting as newly established support.
Stop Loss:
Set at 0.88226, just below the base of the zone, to account for potential wick-based volatility while preserving structural integrity.
Take Profit:
The target is placed at 0.88731, corresponding with a minor resistance zone created by the previous local high, and yielding a favorable risk-to-reward ratio of approximately 3.47.
Trade Rationale:
This setup aims to participate in the continuation of a bullish trend after a textbook breakout and retest scenario. The entry zone is strategically selected based on both horizontal structure and breakout dynamics. A confirmation through RSI behavior supports the underlying momentum.
Notes:
This trade aligns with a broader strategy of scanning major and minor pairs for clear trending opportunities on the 1-hour timeframe, with precise entries executed through limit orders at structurally sound levels.
Entry Type: Limit Order
Risk-to-Reward Ratio: 3.47
Technical Context:
AUDCAD has been developing a strong bullish trend structure with clean higher highs and higher lows. Price has recently broken out of a consolidation range and is now forming a potential continuation setup. The current entry targets a retest of the breakout zone, which overlaps with an area of previous accumulation.
Entry Level:
A Buy Limit order is placed at 0.88339, coinciding with the upper edge of the former consolidation and acting as newly established support.
Stop Loss:
Set at 0.88226, just below the base of the zone, to account for potential wick-based volatility while preserving structural integrity.
Take Profit:
The target is placed at 0.88731, corresponding with a minor resistance zone created by the previous local high, and yielding a favorable risk-to-reward ratio of approximately 3.47.
Trade Rationale:
This setup aims to participate in the continuation of a bullish trend after a textbook breakout and retest scenario. The entry zone is strategically selected based on both horizontal structure and breakout dynamics. A confirmation through RSI behavior supports the underlying momentum.
Notes:
This trade aligns with a broader strategy of scanning major and minor pairs for clear trending opportunities on the 1-hour timeframe, with precise entries executed through limit orders at structurally sound levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.