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November 5, 2013 23:38

AUD CAD “Box Trade” Set-Up for Swing short; 5th Nov 2013

Posted in: AUD, CAD
By:

In all honesty there still isn’t much out there that’s worth trading based on my low-risk approach but as I’ve not posted any updates for a Week here’s a quick one just to show I’m still plugging away in the background waiting for opportunities.

Last Week I mentioned a few trade possibilities and 2 of those played out well even though I didn’t take them myself. The 3rd one was AUD:CAD for a swing short from the same 50% fib level in this chart although I did suggest it may take a while to play out.

In essence what we have is a box-trade set-up which combines with the 50% fibonacci level which does add clarity for stop loss placement if considering such a trade. As things stand I’m not ready to jump into this trade just yet but with the 200 MA also a potential area of resistance I think this chart explains exactly what the short side potential is if Aussie bulls fail to move price higher over the next few trading days:

AUD CAD Daily 5th Nov 2013

If the chart plays out perfectly we’ll see a marginal new high that will coincide with a lower MACD high and that would make it a perfect short set-up. Of course the next obvious level of upside risk is the 61.8% fib level but that in itself could suggest bulls still have the upper hand overall, so ideally we want to see a bull/bear struggle whilst MACD sorts itself out.

If I choose to enter this trade I’ll post the details in the comments section under this post.

 

3 Comments on "AUD CAD “Box Trade” Set-Up for Swing short; 5th Nov 2013"
  1. Comment left on:
    November 6, 2013 at 23:33
    raghbir singh says:

    Hi rs2000
    I emailed you about a year ago weather you would consider giving out your forex signals by email or sms by way of subscription and you emailed me that you may in the future.
    I am just wonderiing if you had any thoughts about it as you havea great system and I think
    Many would like to take you up for this.
    Looking forward for your reply
    Raghbir
    Uk

    • Site Administrator
      November 19, 2013 at 23:02
      RS2OOO says:

      Thank you for your email.
      I’ve sent a personal reply explaining the situation directly to your email address.

      For anyone else interested – the short of it is that I don’t presently have the time to set up and manage such a service, but it is something that interests me.

  2. Comment left on:
    November 12, 2013 at 05:13
    gaff rigged says:

    hmmm, now we all wish we’d taken the short . . . .

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