nakedchartist
Long

NZDCAD mean reversion trade

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
I placed a buy limit this morning after price plunged in the Asian Session. From past experiences, this setups a pre condition to create a hammer for subsequent mean reversion trade. However, this time I am trying to even lower my long entry, complying to the axiom of " Buy Low Sell High" as best as I can.
I look for confluences of support, namely d1 line chart pivot , as well as the bottom of an ED channel,
which had already had 3 points formed up.
Once i see the bulls gain traction, only then a healthy problem arises: Should I shift to Break even, or TP when price touches the EMA resistance? Using this way, I hope i can improve my RRR             tremendously. Only drawback of now is how can I determine the SL for this type of limit entries?
looking back sometimes the channel drawn continues to be respected by the market. Price is still contained within.
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overnight my position have been taken out via BE. A good TP level , if not beig ambitious, will be the cluster of multi days low to end the day with about 20 pips. @ 9230
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