FX:NZDCAD   New Zealand Dollar/Canadian Dollar
79 10 2
I know, not a big deal, but this little rally seems very likely to me. Off support up to resistance. The CAD is overbought and the NZD is still very strong. So I have my stop below .9546 and seek to TP at .9596.
This market is dancing around this red fork. So let it dance on. Now back to the median line, I suppose...
ForceFollower ForceFollower
Unless you've used a wider stop, the setup has failed. :-( I've taken a loss and I'm not going to try it again.
FaultyKid ForceFollower
Also took a loss, has been a fundamentally strong week for CAD and we still have today and tomorrow of numbers. So going to stay out of it, Will look for a sign of reversal on monday.
ForceFollower FaultyKid
I agree with you. I don't smoke hope-ium. :-)
As you can see in my status (btw a new feature in tradingview), I'm going to recover that loss, by being long NZDJPY. I find this pair's outlook much better than NZDCAD. Perhaps, it doesn't look too beautiful at the moment, but I've been through those lengthy bottoms before it should go up sooner or later. I'm also long AUDJPY.
The NZD is extremely oversold and the CAD just the opposite. Sounds very auspicious for another long position in this pair, so I've taken this risk...
Here are my parameters: SL: 0.9411, TP: 0.9514.
Choose your poison:
1) enter at the current market price, so you don't miss it, but get filled at a higher price, and if the pattern fails, you lose for sure.
2) enter at the grey sloped line, so you get the best price possible, but you may miss it, , and if the pattern fails, you lose for sure.
3) enter with a buy stop order following the price (with that order) as it goes down, bar by bar on M5 or M15, so you get filled as low as you can, you're sure you don't miss it and if the pattern fails you may be lucky not to have been filled.
Would you wait for a good entry? like would you only enter this trade at 0.9550-0.9560 close to the support?
ForceFollower FaultyKid
So, have you decided to enter? If so, which way? If you managed to enter the way No. 2, I envy you, as it's proved to be probably the best method. Target's not hit yet, but, so far, it looks like price is it's on its way to it.
itaskar ForceFollower
I am in from 0.9570, way No. 1, looks good at this time
Very well. :-) To account for a wider spread or different data, TP at 0.9595.
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