NZDCAD - 4H - Riding the Trend

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZDCAD             has been slowly trending downwards this year. now once more we have a chance to hop on board. im looking for a sell at the 618 retracement of the most recent downmove - hope we can get up there. stops at least above the small swing. you can also go short now but i stay patient for better risk reward - or better targets.
Comment: nice pinbar in the entryarea for those of you who pay attention to it.
im short, and tho i could pull my stops above the pinbar. i will still wait abit more to see if we can get some followthrough to the downside. if so, i then will pull my stop above the pinbar.
Comment: will bring my stops above yesterdays highs now. nearly no risk left.
Comment: brought my stops to 8820 after yesterdays break of the lower trendlines. so already some small profits secured, now lets see if we can find some followthrough
It can break upside! Be careful before doing short!
+1 Reply
SergeantPringles Zohaib_Malik
well i dont pay attention to what the market may or may not do in the future. sure it CAN break and if we break the trendline i sure will look for longs, but as long as this didnt happen (no pun intended) my bias is toward short. and dont see why this is wrong. clearly we have more room to the downside and even if not - this trade will be managed activly and my first target doesnt even require the market to make new lows in this downtrend. and i highly doubt that the market wont give me any reaction in the zone of resistance and trendline that gives me the chance to bring my stops near or to breakeven.

thanks for the share anyway.
zetsumetsu SergeantPringles
Just locked in profits at 0.8795.
Great one!
Looks like it's heading north.
Congratulations! Your chart has been selected to be highlighted as the post of the day. This is a great example of a declining price channel.
SergeantPringles walker.england
Good to hear ;)
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