AUD reversed back to the downside, pushed through support and is making new record lows. CAD is coming off of a couple of down-days, but is looking strong today, also this had acted as a currency of saftey in the past and with equities being down so much, that could continue.
This pair’s daily chart was in a bit of a low-base pattern, and on the hourly chart, there was a pullback. I had a hard time determining a target for this pair because the lows were the lowest since 2010. I used the FIB level, as it seemed my best bet, but admittedly it seemed farfetched that it would reach that level. That said, the R:R was over 4, so I figure there’d be a good amount of pips to make regardless. I set my entry/stop based on the rally on the hourly chart
Entry – 0.87207
Shortly after placing my entry order, it triggered
| Entry Order Level |
|---|
| 0.87207 |
| Stop Loss Level |
| 0.8755 |
| Target Level |
| 0.85834 |
Exit – 0.87553
Price never really moved in my favor after triggering, but I was patient. I was still down when I went to bed, and when I woke up CAD had dropped drastically, causing this to spike and take me out of the trade
