AUDCAD big AB=CD Pattern at resistance

This post was inspired by Ibrincat, good eye my friend.

I see a perfect AB=CD pattern completing at 1.0342
This is at a resistance level created by the April 2014 high.
Daily RSI moving up close to the overbought zone

Let's look our for a reversal at those levels. Possibly a trade for next week.

Kommentar:

Oppps maybe not next week but tomorrow : CAD employment data

Trade ist aktiv:

The pair completed the ABCD pattern and dropped. I entered at the retracement at 1.0300 with stops at 1.0368 (68pips). Looking at 1.0188 targets (112pips)

Kommentar:

Adjusted my stops to be above the weekly channel high at 1.0388

Trade geschlossen: Stop wurde erreicht:

Price spiked me out and dropped over 100 pips after that. Down on my luck on this trade.

Kommentar:

Still feeling the pain. It has dropped 400 pips after stopping me out at the highs.