SwissPips
Short

NZD/CAD ICHIMOKU Bearish setup

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Prices are below KUMO
Lagging span broke its own KUMO
Prices are below the trend lines
Resistance around 0.89700
I wouldn't trade if prices enter the red triangle (uncertainty)

Wait until the Lagging span crosses down the trend line before selling

1st target 0.86570
2nd target 0.86220
3rd target 0.85280

tight stop loss just above Tenkan Sen around 0.90300

Feel free to like/comment

Cheers
Jesse
ForexWow
9 months ago
Nicely explained post ! But as it has now broken its resistance at 0.89700, is the above plan invalidated?
Reply
SwissPips PRO
9 months ago
Thank you for commenting! Actually the trade plan was that the laggin span had to cross down its own trend line which was not the case. Since the prices are now in the "triangle zone" I would wait to see if it goes down and validates the plan or breaks the trendline. in this case the plan would be invalidated.

It is really important to wait until the LS (lagging span) confirms the move or not. In this case it has not, so we don't enter in the trade.

Does that make sense?
Reply
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