NZDCAD - looking for a short .. the week of 31 Oct 2022
This pair has been bearish since March, but more recently the bulls have been trying to gain control. The area around 0.7930 has resisted their moves for the past 2 days and IMO evidence of a bearish move in that zone would provide a nice trade opportunity. This may take a while to set up, so I will not be in a hurry, instead will watch price action on lower time frames such as H8, H12 for signs that bears are resuming control.
If this works out as per my expectation, we may have a 3-4R trade.
Always use sound money and risk management and stay patient in all your trades.
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If this works out as per my expectation, we may have a 3-4R trade.
Always use sound money and risk management and stay patient in all your trades.
If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade closed: stop reached:
Stopped out