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.
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.