NZDCAD - Good R/R Set up - TRADE OPPORTUNITY
Technical view of - NZDCAD -
Whilst having fun doing my weekend analysis for the week ahead, I do this to plan my week ahead - I'd like to share a good trade opportunity for you for next week!
Pattern - Head and shoulders / Bear Flag
- Measuring the patterns both = to good Support areas.
- If it goes above the areas of where the shoulder should be - the pattern of H&S is no longer validated - I would then concentrate more on the Bear flag formation building, for further confirmation you could wait for the break out and trade the pull back or get in where you think is appropriate following your trade plan.
Within my analysis - I have clarified where I'd be taking profit - Profit 1 & 2, I tend to scale out of trading taking profits due to psychological reason, which there are great books out there and mentors to help you with this - if you're interested within learning more about this - message privately. Again, follow what your plan - I will be only taking 60-70% of my profits at profit 1 area (Depending on price action at that moment of time) and the rest at profit area 2. (You could even go through lower time frames for day trading set up opportunities - Higher time frame = Shorter time frame movement).
Key tips: All alerts and don't forget to put an appropriate STOP. It's good R/R trade.
Remember: Just a trade idea, not a recommendation.
Have a great week ahead!
All the best,
Trade Journal
Whilst having fun doing my weekend analysis for the week ahead, I do this to plan my week ahead - I'd like to share a good trade opportunity for you for next week!
Pattern - Head and shoulders / Bear Flag
- Measuring the patterns both = to good Support areas.
- If it goes above the areas of where the shoulder should be - the pattern of H&S is no longer validated - I would then concentrate more on the Bear flag formation building, for further confirmation you could wait for the break out and trade the pull back or get in where you think is appropriate following your trade plan.
Within my analysis - I have clarified where I'd be taking profit - Profit 1 & 2, I tend to scale out of trading taking profits due to psychological reason, which there are great books out there and mentors to help you with this - if you're interested within learning more about this - message privately. Again, follow what your plan - I will be only taking 60-70% of my profits at profit 1 area (Depending on price action at that moment of time) and the rest at profit area 2. (You could even go through lower time frames for day trading set up opportunities - Higher time frame = Shorter time frame movement).
Key tips: All alerts and don't forget to put an appropriate STOP. It's good R/R trade.
Remember: Just a trade idea, not a recommendation.
Have a great week ahead!
All the best,
Trade Journal
Comment:
Target 1 met - 3/4 Profits off table.
Comment:
Important to see how far we pull back - Key area to be looking at: 0.87800 Areas
Comment:
I had an order to sell at 0.87800 Areas.
Target areas between : 0.86800 - 0.86630
Stop: 0.88100
(Just a trade idea, not a recommendation)
Target areas between : 0.86800 - 0.86630
Stop: 0.88100
(Just a trade idea, not a recommendation)
Trade active:
3/4 Profits taken - 1/4 Left.
Trade closed: target reached