AUDCAD 4HR - Hidden Divergence, 2618, Downtrend Continuation
Just my thoughts and observations:
- Head and Shoulders (Bearish) pattern on the larger time frame that has complete
On the 4 HOUR:
- We have hidden bearish divergence indicating further continuation to the downside.
- A small double top is in play. There is also some bullish hidden divergence indicating price may retrace back up for a short time before reversing.
With what we know, this sets up a great opportunity for a 2618 trade.
A entry around the 61.8% retracement level presents a great risk to reward with extended targets down to the 61.8% fib level on the weekly timeframe. We're currently sitting at a kley 38% fib level on the weekly.
Have a great weekend, comments and thoughts are welcome!
Cheers
- Head and Shoulders (Bearish) pattern on the larger time frame that has complete
On the 4 HOUR:
- We have hidden bearish divergence indicating further continuation to the downside.
- A small double top is in play. There is also some bullish hidden divergence indicating price may retrace back up for a short time before reversing.
With what we know, this sets up a great opportunity for a 2618 trade.
A entry around the 61.8% retracement level presents a great risk to reward with extended targets down to the 61.8% fib level on the weekly timeframe. We're currently sitting at a kley 38% fib level on the weekly.
Have a great weekend, comments and thoughts are welcome!
Cheers