Here is the setup that I am looking for on AUDCAD
A Spring pattern could be forming
I am looking for price to consolidate just below the downward trendline so that it can break it with such force that it goes aggressively up, triggering my stop buy order.
I still think it has to go down a little bit to fill the lower imbalance created before it can push higher with force.
There is also a double bottom from the horizontal level that was formed
Here is the Horizontal level from a higher timeframe view:
I am looking for price to consolidate just below the downward trendline so that it can break it with such force that it goes aggressively up, triggering my stop buy order.
I still think it has to go down a little bit to fill the lower imbalance created before it can push higher with force.
There is also a double bottom from the horizontal level that was formed
Here is the Horizontal level from a higher timeframe view: