NZDCAD

2 thg 10, 2020

TOP DOWN ANALYSIS FOR NZDCAD

3 thg 10, 2020

Ghi chú

On the daily TF, we can see that there is a head and shoulders formation with price uptrending towards the neckline of the H|S which is also a strong resistance zone.

Clear??☺️

3 thg 10, 2020

Ghi chú

On a 4 hour TF, asides the uptrend, price is also approaching the double bottom (not the textbook version) neckline and has tested it.

(Still testing to see if it could break through)

3 thg 10, 2020

Ghi chú

On the 30 minutes TF after price has broken and tested a major downtrend, it is now heading upward. The yellow zone showcases a symmetrical triangle formation (which usually breaks out anywhere).

The probability of it breaking up is much higher because all the details we have seen so far are bullish signals.

3 thg 10, 2020

Ghi chú

So what am I expecting for my entries which will also ensure proper risk management?

3 thg 10, 2020

Ghi chú

ONE

A breakout and retest on the upside to enter the trade considering my TP and SL positions.

3 thg 10, 2020

Ghi chú

TWO

A breakout from the trendline and retest to enter the trade considering my TP and SL positions as well.

3 thg 10, 2020

Ghi chú

Personally, I would not have waited for a retest. I would enter the trade once price breaks out and the candle closes outside that breakout.