FX:NZDCAD   New Zealand Dollar/Canadian Dollar
53 0 6
For 1-hour chart of the pair NZDCAD             , I prefer to go long at the current price area (0.946-.9458) it’s also 23.6% Fibonacci retracement as you see in chart 1 above. My Stop loss would be too close in this case because there is a 1- hour trend line (redline blow in the chart). The trend line also matched with Fibonacci 23.6% so it would be a strong opportunity for resistance. In this case my S.L would be 0.9430. Otherwise I would prefer to wait for breakdown.
0.9480 would be my first target to close (TG1). And 0.950 would be my second target (TG2). I am taking into consideration that Fibonacci retracement of 50% matched with daily trend line above 0.950 (black line) but this target might take longer time, so I prefer to close at target 1 and book my profit.

The strategy I used to follow this position depends mainly on hit and run. It decreases fear and greed as much as possible on which I entered only guaranteed entry position on which a clear trend line for that time frame and other trend lines for further time frames are considered. Also retracements of Fibonacci are better to be matched with trend line . Moving overages and oscillators are added to the chart to study.
SL is my ideal tool for decreasing fear and takes profit for decreasing greed.
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