NZDCAD offers a low risk buy opportunity here. You can establish a position buying gradually at the close of each day until Friday's close. Position size should be 0.15 lots per every 10k in your account more or less. A stop loss is detrimental, but we want to see the low hold for a week here. Potential upside is considerable, so it's worth taking this trade as a nice alpha source in your portfolio.
Good luck,
Ivan Labrie.
Comment
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On track, once above the resistance at 0.94554 we can expect a massive rally in this pair.
Trade closed manually
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It gets tricky here, better to swap this position for an NZDUSD long.
Thanks for your great analysis!
Here is my view on NZD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action are three very strong resist/support zones. All of them were created with heavy volumes of big players - you can see it on the Cummulative Volume on the right side. The closest level: 0.94426 is placed on the biggest volume of the year (Point Of Control). The biggest volumes of the year were placed there and moved the price agressively lower. This is definitely the place I would like to go short!
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale
IvanLabrie
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@Trader_Dale, I use time spent at price levels, as part of the analysis but I don't use normal market profile methods...there is an improvement to be made in that regard, a few bah.
Nice work btw, it's a pretty valid methodology.
You have been busy posting ideas, a bit hard to follow so many intraday charts.
moorekapital
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Looks rallying into a mode, obviously. Would be interesting to see what happens there. But is this a pure NZD strentgh, or CAD(OIL) weakness....? I cant think far ;)
IvanLabrie
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@moorekapital, yes going back to that mode, then no idea what will happen, but well, need to give it a chance. After it's overbought it's fair game to trail stops up gradually here.
@moorekapital, I'm applying a similar method to how I approach equities now. It works quite well, with reduced stress from being right with minimal margin of error, and larger risk/reward.
moorekapital
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@IvanLabrie, I like that, Coach. I'll come for tutorials
IvanLabrie
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@moorekapital, We're seeing the best trading enviroment for my style, which is mostly trend trading, so, we have to milk every single trend trading opportunity in dollar pairs...this is like 2014 to 2015 again.
moorekapital
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@IvanLabrie, you right on the DOLLAR THING. My best pair for this last quarter has been USDDKK-- awsome paralle w/ DXY. I'm w/ you, Coach.
IvanLabrie
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@moorekapital, that one's pretty good but I prefer USDSEK or USDNOK, for low and high volatility DXY proxy pairs.
Here is my view on NZD/CAD if you are interested:
Based on Market Profile (volumes) and Price Action are three very strong resist/support zones. All of them were created with heavy volumes of big players - you can see it on the Cummulative Volume on the right side. The closest level: 0.94426 is placed on the biggest volume of the year (Point Of Control). The biggest volumes of the year were placed there and moved the price agressively lower. This is definitely the place I would like to go short!
There are more Market profile swing and intraday analysis at my profile page. You are very welcome there!
Dale