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NZD been on a strong run up but beginning to get overextended as seen here with NZDCAD. Running into a S/R level with strong divergence on the oscillators.
<> - See what the market does at the 0.88577 level with possible 2nd dynamic target at Kijun-sen
<> - SL above .236 ath/atl fib level / long flat july Kijun-sen
-NZDCAD showing signs of slowing down after intraday rejection of higher price (long daily wick) by forming a reversal candle (Pinbar/Spinning top/Indecision) AT RESISTANCE
-NZDCAD has reached an appropriate target level after breaking out of the head and shoulders (4% range of pattern and 4% target for breakout)
-Breakout traders will likely take profit and ...
WAITING FOR THE COUNTER TRENDLINE BREAKOUT, THEN WE GO SHORT
right shoulder forming at 618 bounce
price is at a supply zone
hard to see on the chart but wave 3 of an elliot was just completed which means wave 4 pullback
nzdcad is setting up for a huge drop
entry point is coming up- marked up by the green trend line which will complete right shoulder
Pullback due - potential long opportunities on test of emas and broken trend line
This is the final signal that we were waiting for, we opened this trade at the beginning of the week, right now we are about -50pips.
Why am I shorting this pair, the long-term trend for this pair is down, the RSI signal indicates that price is too high, and my beloved candlestick in the daily chart is now showing a "direction change" signal.
So, I am still ...
This is just a journal for me. I strongly warn you to not take this in your real account. Good luck!
Target .5 fib with tight loss. Trade with care, good luck.
Shorting from .90175, should be the end of this run based on momentum, this is a smaller position longer hold.
The NZD/CAD pair has formed a rising wedge pattern in the 4-hour charts.
It is precariously high and is currently at a strong resistance point as well.
But, to be on the safer side we recommend investors to initiate short positions only after the trendline breaks.
SELL STOP at 0.89750
SL at 0.90500
TP at 0.87500
I would trade this by opening three trades at the Breakout, 1st target trade having the biggest lots size, 2nd target trade having the half lots size of the 1st, 3rd trade having the smallest lot size just as described on the chart.
Break above the trend line...let's see if it can break above 0.90 level and setup a new support level
TP1 and TP2 hit next TP3
if break out black line best time for buy
I know this looks primed for a short, but riding strength.
I already have an open trade with this pair, and I'm doubling my entry now @0.8900 because there are obvious signals that this "up" short-term trend is running out of fuel. We are expecting 2 fundamentals news (oil inventories) that have already make a dent on this pair, so they shouldn't affect the price and they should actually send the CAD Dollar high, so thats ...