Hi Traders.
I would just like to know what you guys think about a potential setup on NZD/CAD that Ive been keeping an eye on for a while. I am currently long on this pair from the break of structure around October. Weekly RSI was showing massive bullish divergence in oversold territory coming into strong support after a big drop . The pullback from mid December has now shaped into what looks like a cup/handle .... bullish pennant... whatever way you like to term this consolidation. Again weekly RSI is showing bullish signs and the downward trendline from the start of the consolidation has been broken on the RSI. The AVWAP from the September lows pretty much gave a sweet spot for long trades on lower tme frames. ( I have only started using AVWAP after hearing Brian Shannon on Twitter talk about it so often.For anyone that has not used AVWAP before, check it out as another tool in your arsenal... it is very powerful. THE best indicator I have come across in terms of accuraccy without the lag.) The daily chart also has made a higher low inside the flag and if a break and close above the most recent resistance can be achieved a good entry point with a nice stop loss would be a good trade entri in my opinion, considering the powerful moves that result from a succesful chart pattern like inv H&S and especially more so on weekly time frame.
I might be way off here which is why I would love some feedback from the tradingview community as I often use trade ideas and apply to my strategies from many of the very knowledgable people on here.
Thank you and safe trading.
I would just like to know what you guys think about a potential setup on NZD/CAD that Ive been keeping an eye on for a while. I am currently long on this pair from the break of structure around October. Weekly RSI was showing massive bullish divergence in oversold territory coming into strong support after a big drop . The pullback from mid December has now shaped into what looks like a cup/handle .... bullish pennant... whatever way you like to term this consolidation. Again weekly RSI is showing bullish signs and the downward trendline from the start of the consolidation has been broken on the RSI. The AVWAP from the September lows pretty much gave a sweet spot for long trades on lower tme frames. ( I have only started using AVWAP after hearing Brian Shannon on Twitter talk about it so often.For anyone that has not used AVWAP before, check it out as another tool in your arsenal... it is very powerful. THE best indicator I have come across in terms of accuraccy without the lag.) The daily chart also has made a higher low inside the flag and if a break and close above the most recent resistance can be achieved a good entry point with a nice stop loss would be a good trade entri in my opinion, considering the powerful moves that result from a succesful chart pattern like inv H&S and especially more so on weekly time frame.
I might be way off here which is why I would love some feedback from the tradingview community as I often use trade ideas and apply to my strategies from many of the very knowledgable people on here.
Thank you and safe trading.