Tracking and Trading the Move Lower

  


On April 19 2021 I published an article calling for AUDCAD to move lower -> AUDCAD : Possible Bearish Pattern? . In the article I explained where possible sellers would be waiting to  enter and push the pair lower.

The first chart below was posted on social media @AidanFX April 14 2021 and the second chart April 20 2021 shows the bearish pattern (blue) completing point D at the BC 0.50% Fib. retracement level and at the proposed support/resistance zone (blue box) where possible sellers/bears would be waiting. Entered SELL trade at 0.9740 with Stop Loss at 0.9865 and looking for a move lower targeting the 1:2 RR minimum level.

AUDCAD 4 Hour Chart April 14 2021

 

AUDCAD, trading, elliottwave, forex, bearish market pattern, @AidanFX, AidanFX

AUDCAD 4 Hour Chart April 20 2021

AUDCAD, trading, elliottwave, forex, bearish market pattern, @AidanFX, AidanFX

AUDCAD eventually moves lower and on April 30 2021 price hits the 1:2 RR target at 0.9490 from 0.9740 entry for +250 pips. If you followed me on social media @AidanFX you too could have caught the AUDCAD move lower. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.

AUDCAD 4 Hour Chart April 30 2021

AUDCAD, trading, elliottwave, forex, bearish market pattern, @AidanFX, AidanFX

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX

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