Have a look at the last two Bearish candles that were produced today. One of them made a breakout at the level of 0.97335. The current H4 candle seems to be making the correction. It has to be held at the breakout level. If the price goes up to the breakout level and produces an H1 Bearish Engulfing Candle within this H4 candle or bit later, then the price would reach 0.97000.
- Sell Limit Order: 097335
- Take Profit Target: 0.97000
- Stop Loss: 0.97530
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Today’s breakout level could have been a Support level. In fact, it would have been a Double Bottom level. Now that the level got broken, thus it is the Resistance level now. This is what Support and Resistance level are all about. Support becomes Resistance and Resistance becomes Support. Meanwhile, a level has to be broken first, and then it has to be held and has to produce an entry signal. Have a look at the chart. It got broken by the last H4 candle. It has to be held by the current H4 candle. Then, it has to produce an H1 Bearish Engulfing Candle, which is the entry signal here. This is the main principle of taking an entry in the Forex market.
AUDCAD Price Action Analysis – 25th April 2018
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