AUDCAD - Trade Plan

This pair is in for a bullish pullback. But first it's likely to consolidate at these lows for a little while. With that said, I came up with a trade plan to trade this. Basically every time RSI become oversold on the 5 min timeframe, place a few tiny buy orders, leaving room to add more tiny buy orders every 10 pips it drops further. This pair is likely to bounce around but on those dips to the downside, it's a simple low risk setup.

If on the other hand, price action decides it wants to trade lower than the box I outlined on the chart, it's time to stop add additional buys, leave the trade on the sideline and focus on other pairs. Eventually this pair will come back and the trade will be profitable. So trade with tiny lots so you don't get emotional if the trade doesn't work out as fast as you want it to.

Trade Safe - Trade Well
All the Best