Hi Traders! AUDCAD forecast update and follow up is here. On March 18th I shared this “AUDCAD Forecast” in Trading View. This trade moved as per our plan and provided us wonderful returns and gets added to my list of successful trades. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available! In this post lets do a recap of this setup and see how it has developed now.
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Now lets summarize the idea first:
AUDCAD W1(Weekly) Chart Analysis
Price still has room lower towards the bottom of the bearish channel
AUDCAD D1(Daily) Chart Analysis
Price has created lower lows and most importantly we don’t have any reversal signs.
AUDCAD H4 (4 Hours) Chart Analysis
Price broke below an important support zone and also based on the Heiken Ashi candles we have strong bearish candles in downward moving market conditions so it basically reflects a bearish environment, so until the condition changes my view remains bearish here.
AUDCAD H1(1 Hour) Chart Analysis
Price is moving inside a triangle pattern and if the price breaks and holds below this triangle we may then look for sells with bearish evidences. Alternatively if the price moves higher then the next areas to look for bearish evidences to join the bears would be the two important sell zones shown in the chart.
AUDCAD Sell Trade Has Provided Us Wonderful Returns
Based on the above mentioned multi-timeframe analysis my view was bearish here and I mentioned that there are two possible scenarios. If the price breaks and holds below the triangle pattern, we may then look for sells with bearish evidences. Alternatively if the price moves higher then the next areas to look for bearish evidences to join the bears would be the two important sell zones shown in the chart. The price moved perfectly as per the first scenario, it broke below the triangle pattern and moved lower exactly as we expected, we have collected wonderful profits with this trade before the price moved higher.
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Right now with the Corona virus impact the real money flow is not there in the market, a lot of investors and traders are out of the market and are waiting for this crisis to come down. Many traders are sitting on the fence making nothing, what you would see on the market in such period in panics, there are a lot of random fast moves with high volatility, very serious moves, big volumes but these moves are not technical but in such cases its very important to wait for your setups, have your analysis.
If the setup comes, trade it just like we did in this AUDCAD trade and we valued the risk with this trade, we had a proper money management plan. In such high volatility period if you would be right then once the price moves, it moves big and fast but if it doesn’t then you know your risk is limited. Don’t trade without planning your risk its a big mistake. In this case we were right and we got wonderful big and fast moves which has provided us fantastic profits. This trade is good example of how to trade in such high volatility conditions.
Watch my video on How to trade during Corona virus Crisis here
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To your success,
Vladimir Ribakov
