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AUDCAD: D1 and H4 plots down patterns

Big Picture Look on D1

1234 Pattern can be seen in the D1 charts

1234 Pattern can be seen in the D1 charts

  •  On the D1 charts, we can see a large 1234 pattern which has been forming since mid 2013.
  • Price is currently at F7 level of this large downflow and near the high of the equidistant channel.
  • We also can see a head and shoulder pattern forming around where point 4 could be.
  • Take note that at point 2 of this large pattern there will be a strong psychological level of 1.0000 (parity).

Zooming into the H4 charts to look at the right shoulder

Smaller 1234 pattern can be seen in the right should in H4

Smaller 1234 pattern can be seen in the right should in H4

  • On the Right Shoulder, we see an expected smaller 1234 pattern.
  • Price has already completed a WR trigger.
    • Look for either a retracement to point 2 as possible re-entry
    • 13TL or modified F6 trigger.
  • Take note however that there is a zone of support of previous H4 boxes low just after F6 (Fib-R from pt1 to pt4)
    • Alternatively, wait for price to close below this support and retrace to re-test it as resistance in a form of a 1234.

Results and Review of the Trade

See how students managed entered on this trade and are still riding it in this blog post.

See Tflow® forex trading performance with AUDCAD; 100+ pips and riding

Last time, many things that I wanted were just dreams, now I see them as possibilities. I’m looking forward to own pent-house suite in Manhattan overlooking Central Park because forex trading with Tflow® makes it possible. Find me on Google+

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2 thoughts on “AUDCAD: D1 and H4 plots down patterns”

  1. Tamas R.T. King says:

    Only issue with this trade is the negative swap which hits you every day you are in it … but it’s worth it.. :)

    1. Soh Tiong Hum says:

      Good point with the swap. See it as cost of business and you should be happier. Congrats.

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