Note
-AUDCAD showing signs of reversal after buyers pushed price up into resistance but sellers pushed down and engulfed the whole 4H bullish candle.
-This price action resulted in a 4H bearish engulfing AT RESISTANCE which is a bearish sign meaning sellers may be stepping in the market.
Entry
-Keep enough distance below the low of the engulfing candle to confirm a transition of power from bulls to bears
Stops and Targets
-Set stop above the high of the reversal candle with some buffer
-Set target 2 times your stop
*Always practice good risk management by risking a maximum of 1% to 2% of your capital on any given trade
-AUDCAD showing signs of reversal after buyers pushed price up into resistance but sellers pushed down and engulfed the whole 4H bullish candle.
-This price action resulted in a 4H bearish engulfing AT RESISTANCE which is a bearish sign meaning sellers may be stepping in the market.
Entry
-Keep enough distance below the low of the engulfing candle to confirm a transition of power from bulls to bears
Stops and Targets
-Set stop above the high of the reversal candle with some buffer
-Set target 2 times your stop
*Always practice good risk management by risking a maximum of 1% to 2% of your capital on any given trade