AUDCAD Bullish Study Case

25 May

Disclaimer, these ideas are for my records of what I see in the market after taking a trade. It will help me document the reason of why I took the trade so I can have a track record. And as such, this is not a financial advice.

Currently we are in a monthly pullback due to the break of market structure to the downside in a quasimodo type pattern.

https://www.tradingview.com/x/NEPr77un/

After refining the entry a little bit in both daily and 4 hour timeframes, see below charts, I refined my entry point of interest to the zone highlighted in white, which is a supply zone.

https://www.tradingview.com/x/U0h7qumn/

https://www.tradingview.com/x/rAd16cRI/

26 May

Not

Note to entry: I've identified another area of interest in case the first area fails.
Explanation: The area at the bottom below the line marked as MPL has a bearish candlestick that took out the liquidity of the previous "support" before the market took off.

I will be monitoring the price action of the pair around the areas of interest to see if a reversal is formed at the lower timeframes.