TOP DOWN ANALYSIS FOR NZDCAD
Comment:
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)
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)
Comment:
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.
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.
Comment:
So what am I expecting for my entries which will also ensure proper risk management?
Comment:
ONE
A breakout and retest on the upside to enter the trade considering my TP and SL positions.
ONE
A breakout and retest on the upside to enter the trade considering my TP and SL positions.
Comment:
TWO
A breakout from the trendline and retest to enter the trade considering my TP and SL positions as well.
TWO
A breakout from the trendline and retest to enter the trade considering my TP and SL positions as well.
Comment:
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.
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??☺️