moneymaking
Short

NZDCAD: 2618 TRADE SETUP (4 HR)!!!

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
563 22 15
UPDATE #1: Trade is ACTIVE now. Good Luck EVERYONE !!

Hello Traders,

Here we have a BEARISH 2618 TRADE SETUP on FX:NZDCAD             . Market was able to break previous structure (HL) and made a new lower low (LL). Now it has retraced back to 61.8%Fib retracement level for nice shorting opportunity. I havemarked my entry price on the chart above and market is close to the entry point for this setup. Risk to reward for this setup is also quite favorable. See the chart above for more details.

NOTE #1: See the idea under the "RELATED IDEAS" section below, for detailed description on 2618 trading strategy.

NOTE #2: We could also have a POTENTIAL AB=CD Harmonic Move completing at the 2nd target of 2618 trade setup. We also have some well respected 4 HOUR and DAILY trend lines at the 127.2% Fib extension level. This level can be a good place to close all SHORT positions and opening LONG positions from the same level. See the chart below this description for further clarification.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Good Luck :)

snapshot

Related Ideas

moneymaking
a year ago
UPDATE #1: Trade is ACTIVE now. Good Luck EVERYONE !!
Reply
FullTimeTrader
a year ago
Nice setup, i call this convergence divergence. Long term im long but we could see some deep retracement here to re-enter long. The trendline and the 0.8500 is a good target.
+1 Reply
moneymaking FullTimeTrader
a year ago
Hey FullTimeTrader, Thank you mate. Yes, I do expect to get some type of correction before going higher. Appreciate it for commenting :)
Reply
deeme007
a year ago
absloutley correct setup
+1 Reply
moneymaking deeme007
a year ago
Hey nadeem, thank you mate. All the BEST to you :)
Reply
moneymaking
a year ago
UPDATE #2: See the chart below:
snapshot
Reply
moneymaking
a year ago
UPDATE #3: Hey everyone, 1st target has been reached. Stops move to breakeven :)
Reply
HiTech PRO
a year ago
I am expecting a strong trend up from this point
NZDCAD READY FOR TAKE OFF
+1 Reply
moneymaking HiTech
a year ago
Hey HiTech, yeah could definitely happen, since the market is at previous structure support with your trend line being respected. I'm also bullish on this pair but that's based on a long-term perspective. I've been shorting this pair quite a while now, since it has been in a really good consolidation zone. Break above the consolidation zone would definitely increase the probability of going higher. All the BEST mate :)
Reply
HiTech PRO moneymaking
a year ago
Well it looks like its gonna be quite a fast rally up :) we'll see
Reply
moneymaking HiTech
a year ago
I'm paying attention to the 0.87000 key psychological level. Markets been struglling to break and close above that level. I'm remaning short-term bearish for now, until we break and close above that key level.
Reply
HiTech PRO moneymaking
a year ago
the Oil probably will continue falling sending CAD very low against most if not all pairs, but yea its always better to wait for the breakout/confirmation
THE OIL FALL
Reply
moneymaking HiTech
a year ago
Yeah, oil is definitely under quite heavy selling pressure. But I believe there is going to be a strong relief from this much of selling pressure.
Reply
HiTech PRO moneymaking
a year ago
what makes you believe in that?
Reply
moneymaking HiTech
a year ago
I believe common sense, at some point in time this pressure is slowly going to diminish. I'm not saying that we are going to get a relief right now. But soon we are likely to get one. At some point in time, sellers are going to run out of steam.
Reply
moneymaking HiTech
a year ago
Take eur/usd for example, it was in such a strong trend BUT now we have started to get a relief from that much of selling pressure. You just know that a relief is going to come BUT we just don't know when :)
Reply
HiTech PRO moneymaking
a year ago
haha obviously it will come eventually, but its not forecasting its a common sense :))))
Reply
moneymaking HiTech
a year ago
Exactly mate. I can't forecast when the downslide on oil will stop, but eventually it will come. hehe :)
Reply
MartinLiland
a year ago
Hey just wanted to say thanks for sharing your ideas, I'm new to this and i find it highly interesting and helpful. I will continue to look at your stuff without saying much. Thanks m8.
+1 Reply
moneymaking MartinLiland
a year ago
Hey Martin, welcome to the trading profession mate. Thank you, appreciate the kind words mate :)
Reply
moneymaking MartinLiland
a year ago
Hey martin, I just wanted to say that, I encourage you to comment and ask questions about anything that is not clear to you. I doesn't matter whether you are new to this field or not. I was in your place as well mate, knew nothing about trading. As you start to ask questions and get more involved, your learning rate will increase dramatically. So do make sure to ask questions if you have any, I'll be happy to answer them anytime. Cheers :)
Reply
moneymaking
a year ago
UPDATE #4: Hi everyone, just a reminder that our break even stop loss has been hit. All positions are now CLOSED for this setup. Good Trade overall :)
Reply
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