AUD/CAD pullback trading setup from inverse head and shoulder pattern [Video]

Ming Jong Tey Independent Analyst

In the H4 timeframe, AUD/CAD broke above the neckline resistance at 0.9384 yesterday with a pullback unfolding currently, which could complete the inverse head and shoulder pattern. As expected, the first breakout drew out increasing supply hence this sets up a potential pullback trading opportunity to ride on the continuation of the up trend. There is one thing that every trader should do when trading pullback in order to increase the winning rate. Watch the video below (timestamp starts 4:35) where you will find out the exact step to follow:

Below are the key parameters for AUD/CAD potential long setup for trading session on 27 Oct 2020. Pay attention to the one thing you should do in the video to make sure the setup is valid.

Entry: long stop order at 0.9418.

Stop loss: 0.9378.

Take profit: 0.9495.

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

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