moa_trading_journal

NZDCAD – Waiting for the completion BIG ascending structure

Short
OANDA:NZDCAD   NZD/CAD
I have been waiting for NZDCAD to make big bearish move to the downside for quite sometime no. But it seems, starting from last November the price lack any real commitment. It just continuing its corrective phase resulting in sideway and choppy movement across all timeframes. However, now I’m starting to see cleary the evolution of the market structure in this pair.

This pair is forming a 3 touch ascending structure in an even bigger ascending structure. Ussually, a pattern within a pattern like this is a big positive confluence for our edge,.. So,..i’m still confident that this pair has a very high probability for a longer term bearish move soon..

What I’m waitin for now is for the price to finish its 3rd touch to complete its ascending structure. So, I think this pair will make one last push to the upside to 0.92700-0.92300 area. Once the price has reach the area, I will wait for a clearly visible impulsive rejection from that area. Any break of bearish continuation pattern in lower TF will confirm the bearish move that I certainly will make sure to take advantage of.

For now, let’s see how will this pair develop, good luck..
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The ENTRY in the market will be taken only if the condition of the MOA Fx strategy will trigger.
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