Step 1. Identify the prevailing trend (in this case I think NZD CAD is headed lower)
Step 2. Try and put price into some sort of range (in terms of outer and lower limits) - Areas that wicks might get to.
Step 3. Look for opportunities where we can sell a rally but not be too aggressive.
Step 4. Find some confluence zones with Fib levels, Moving Averages and Trend Line resistance.
Step 5. Put our entries in.
In this case I am looking to sell a rally:
Entry 0.82832
TP : 0.82546
Stop: >0.83023
I usually aim for a 1.5 RRR and have a win rate hovering around 50-51%.
Step 2. Try and put price into some sort of range (in terms of outer and lower limits) - Areas that wicks might get to.
Step 3. Look for opportunities where we can sell a rally but not be too aggressive.
Step 4. Find some confluence zones with Fib levels, Moving Averages and Trend Line resistance.
Step 5. Put our entries in.
In this case I am looking to sell a rally:
Entry 0.82832
TP : 0.82546
Stop: >0.83023
I usually aim for a 1.5 RRR and have a win rate hovering around 50-51%.