AUDCAD seems to have completed a bull run on the H4 chart. The price is trending lower and the strength of the trend looks strong to get the price more down. Let us have a look at the H4 chart of AUDCAD, and find out the trade signal to go short on the pair.
AUDCAD Free Forex Trading Signals – 26th Jan 2017
As we can see on the chart, the pair is coming down with strong momentum. Had a tiny correction and then came down again. The pair is having a long correction and the level of 0.99000 works as the resistance zone so far. If the pair produces an engulfing H4 candle right on the level then, the game of selling the pair is on. We then have to wait for a breakout at the level of 0.98650 and the confirmation to take short entry on the pair. Nearest strong support is at the level of 0.97400. This is where we should set our Take profit
Let us have a look at the summary of the trade
- Entry- 0.98650 (After having a H4 reversal candle)
- Stop loss- 0.99000
- Take profit- 0.97400
With many brokers, we pay spread again when we set our stop loss or take profit. When we buy in the market, our take profit will be hit once the price breaches the level of our take profit + spread. On the other hand, when we sell, our stop loss will be hit at the level of=Stop loss level- spread. It means we get hit bit early when we are selling a pair. Thus, we must make sure that we add the spread with our stop loss when we are selling, and minus the spread from take profit when we are buying.
Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: AUDCAD Free Forex Trading Signals – 26th Jan 2017
The post AUDCAD Free Forex Trading Signals – 26th Jan 2017 appeared first on Advanced Forex Strategies.
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