Technician
Short

NZDCAD: Republishing Bump & Run Trade

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
683 14 11

Update: The break above 0.9350 invalidated the short.

I am republishing the trade idea i published earlier in March 21, the trade setup was a success as price started my anticipated Run phase, which i described the Bump and Run pattern in details in my previous post, check the link below for the pattern.

So what now? NZDCAD             just like NZDUSD             has drawn a bearish shooting star candle at a broken support , which reverses role now to a resistance, and therefore, i am looking to short the pair near 0.9350 with a stop loss a daily closing above 0.9350 and a target at 0.9175.

Good Luck for me, and you :)
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Update: The break above 0.9350 invalidated the short.
+1 Reply
Are you still bearish on this pair?
Reply
Technician TradersClassroom
No now i am neutral. did u manage to get out of the short with profit ? price hit 0.9200 before rallying,
Reply
Technician Technician
Oh sorry it hit 0.9240
Reply
Yes. I closed out before the event risk. I dont usually like to gamble too much especially when I have profit. I have the live to fight another day mentality. Plus, I can always buy back in. I'll be interested to see where the NZD goes from here. It seemed overweight to begin with and the RBNZ didnt say anything about intervention but I think they hope the Kiwi devalues a bit.
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Technician TradersClassroom
Good to hear that, they surprised markets by indicating no need to stop tightening, hinted more 50bps hike this year. looks like nothing would stop the pair for now.
Reply
Did you get filled? I front run this idea a little and put an entry at 9340. I think I got a great entry. You can see a candlestick hinting towards reversal.
Reply
manijeh.kazemi.33 TradersClassroom
agrre
Reply
Technician TradersClassroom
Not really, maybe i will get filled during the RBNZ rate decision, Good luck to you
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