AUD/CAD Trade Set Up
Pro Pipper Trading | Oct 21, 2008 08:00PM ET
We have a shorter term set up on the AUD/CAD pair. Although not our idea of the ideal ZZ, we have a potential ZZ forming right now. Again, this is not my ideal formation due to the Wave 2 is must shorter (time wise) than Wave 1. Does that invalidate our forecast? No - but that is definitely something to keep an eye out for.
We potentially also have a triangle forming now, which also indicates that it is conituing to go up.
We have 3 stop prices here in case the trade goes against us.
Stop 1 - 0.8158 (where the bottom line and the next candle intersect)
Stop 2 - 0.8147 (low of 10/21/08 at 21:00)
Stop 3 - 0.8128 (this would also serve as our invalidation point).
Be sure to check for any announcements/news that may effect this pair.
Good luck.
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