 |
| USD/CAD Hourly |
Spotted this AO divergence, price failed to maintain its new low, creating a bullish divergence bar, enter buy at the next candle open at 1.0079, Target would be around 38.2 - 50 fibonacci retracement. First attempt of reversal, Price will always come back and re-test the low, so we want to secure our profit first..
Closed my position at 1.0119 for a 40 pips profit
 |
| USD/CAD Hourly |
Then price retrace and form a bdb at around 79 fibonacci retracement, enter again, buy at 1.0099, but i got stopped out this time at 1.0080 (one tick below the bdb low) for a 19 pips loss..
Once again price create a new low but failed to maintain below and form a bdb again, enter buy at 1.0080, This is the second attempt, so i target my profit at arround 61.8 fibonacci, closed 2/3 of my position at 1.00140 for a 60 pips profit and closed the remaining near resistance at 1.0195 for a 115 pips profit
This is why AO divergence has been one of my favourite, trading reversal, good risk and reward ratio.. : )
No comments:
Post a Comment