AUDCAD has been having a strong Bullish trend on the H4 chart. The price has kept making higher highs. To go more with it, today’s price action on the H4 chart suggests that the pair might as well head towards the North later today. Let us have a look at the H4 AUDCAD chart.
Have a look at today’s two H4 candles. The first one and the second one came out as Bullish candles. The second H4 candle made a breakout at the level of 0.98125. Now if the current H4 candle is held at the breakout level and we get an H1 Bullish Engulfing Candle right at the breakout level, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Limit Order: 0.98125
- Stop Loss: 0.97915
- Take Profit: 0.98750
- 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
There is no high impact news event on any of these currencies of AUDCAD. Thus, I assume that the pair would run technically and we would not see any unwanted spikes on the intraday charts. This increases the chances that more traders would be interested to keep their eyes on the pair to take the long entry. Since the breakout has already taken place, so we just have to wait for two more things here.
- The current H4 candle to be held at the breakout level
- H1 Bullish Engulfing Candle right at the breakout level.
For now, it’s just a waiting game…waiting for the right timing and setup…
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