NZDCAD has a bearish convergence on the H4 chart, what we need now is a retrace in order to join the sells.
Therefore we go to the lower TF and try to sell when price is bouncing on the red TL. Sell after a bearish candle pattern and/or divergence in order to join the second part of a double wave cycle.
TP 0.8699
SL 2 pips + spread above last high after price...
FX:NZDCAD
With a nice fall from previous structure, i stil bearish with this pair.
I believe the price action forged an ABCDE pattern and i can only imagine the price to forge a new lower low;
At the same time, the price reached the 161% extension of "wave 1" completing wave 3, we can expect a wave 4 to complete above this recent "ABCDE" pattern, and to get...
FX:NZDCAD
GARTLEY
Point B:
61.8% can not touch 78.6% XA
Point C:
38.2% to 88.6% AB
Point D:
78.6% XA
127% ext AB
Target:
TP1 38.2% AD
TP2 61.8% AD
Safe trades;
open.spotify.com
Here we have a clear example know as a break and retest where previous support no became resistance.
A break and retest of the black trendline is also on the cards with price making a 3rd bounce and lower high of the blue trendline.
Waves within Waves, Short the 5th wave of the 4th Corrective move trading within the channel up till 61.8% Fibo level at price 0.8965, then Go LONG from this level to breakout the channel resistance 5th wave (impulse) on the Weekly chart.
Apply due diligence.
FX:NZDCAD
GARTLEY
Point B:
61.8% can not touch 78.6% XA
Point C:
38.2% to 88.6% AB
Point D:
78.6% XA
127% ext AB
Target:
TP1 38.2% AD
TP2 61.8% AD
Safe Trades;
This range trade offers a very good risk-reward ratio.
With target profits at around the critical pivot and support lines.
The Pivot Indicator (Fibonacci) is set on a yearly timeframe.
NzdCAD met a strong resistance level and I expect a sharp move down soon.
Actually SL here may be moved much tighter than shown on the picture.
As it is against trend trade with care.
