NZDCAD Watch for Trend Support Break
Potential short position shown in chart.
Watch for a break of both the trend support (red line) and 61.8% fib.
If the trend support and fib line is broken I'll secure profit first at the 78.6% fib (bottom of blue shaded area) with a stop lost relocation near (just above) that support then continue to target the 100% fib intersecting with the main channel support (blue line) as shown.
If the support is not broken watch for strong resistance around .908
Overall Risk:Reward 5.54
Watch for a break of both the trend support (red line) and 61.8% fib.
If the trend support and fib line is broken I'll secure profit first at the 78.6% fib (bottom of blue shaded area) with a stop lost relocation near (just above) that support then continue to target the 100% fib intersecting with the main channel support (blue line) as shown.
If the support is not broken watch for strong resistance around .908
Overall Risk:Reward 5.54
Trade active:
Entered with original Sell Stop.
Comment:
SL moved to .89447. Now a zero risk trade.