FX:NZDCAD   New Zealand Dollar/Canadian Dollar
564 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 :)

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 :)
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
Hey Martin, welcome to the trading profession mate. Thank you, appreciate the kind words mate :)
moneymaking MartinLiland
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 :)
I am expecting a strong trend up from this point
+1 Reply
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 :)
HiTech moneymaking
Well it looks like its gonna be quite a fast rally up :) we'll see
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.
HiTech moneymaking
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
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.
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