AUDCAD - Kill Trade with Huge RR - Full Breakdown
1- Think of it with a top down approach. Starting from m30, there is an External Break of Structure to the upside. Lots of liquidity sitting above the highs. Last Break of structure for a Buy. No more Selling Break of Structure to block this force.
2- Go down to a lower time frame, m15 in this case, to spot a Point of Interest (area of entry where price reaches the lowest point of true mitigation). From this point, price will take off. This is the green zone highlighted on the chart.
3- Set an entry at the top of the zone, SL below the bottom of the zone, and TP above the highest liquidity point on m30. In this case, I am seeking liquidity on m30, on H2 and even on H8! Which is why my RR is >30 this time.
High probability trade as there are no contradicting forces.
Good trade to all of you!
2- Go down to a lower time frame, m15 in this case, to spot a Point of Interest (area of entry where price reaches the lowest point of true mitigation). From this point, price will take off. This is the green zone highlighted on the chart.
3- Set an entry at the top of the zone, SL below the bottom of the zone, and TP above the highest liquidity point on m30. In this case, I am seeking liquidity on m30, on H2 and even on H8! Which is why my RR is >30 this time.
High probability trade as there are no contradicting forces.
Good trade to all of you!