AUDCAD - Mind Map - TOP DOWN analysis [Educational purpose only]
Starting out with D1
(1) First candle to change direction.
Also a candle to watch when price comes back.
(2) Wick to monitor - Monitor the wick of the candle
(3) Price comes back to previous level.
First indication that it respects this level. {Refer to Orange arrow}
At this point, this should give me an idea that if the level comes down we may anticipate another bounce up and thus potentially there is an opportunity for a trade set up.
(4b) Price comes back to this area and bounces off again
(1) First candle to change direction.
Also a candle to watch when price comes back.
(2) Wick to monitor - Monitor the wick of the candle
(3) Price comes back to previous level.
First indication that it respects this level. {Refer to Orange arrow}
At this point, this should give me an idea that if the level comes down we may anticipate another bounce up and thus potentially there is an opportunity for a trade set up.
(4b) Price comes back to this area and bounces off again
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Special point (3B)
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Special note:
AUDCAD (loves) AB=CD Pattern
If you backtest, you will see multiple AB=CD patterns on this pair. Something to keep an eye out.
Here's an example of a trade i took awhile back:
AUDCAD (loves) AB=CD Pattern
If you backtest, you will see multiple AB=CD patterns on this pair. Something to keep an eye out.
Here's an example of a trade i took awhile back:
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I welcome all feed backs - Thanks :)
(4a) From point (3) Found an opportunity if price comes back to the support zone.