NZDCAD just reached the 1.618 extension of it's recent abrupt fall, so I'm hedging myself until a .382 retracement of the total fall. Don't take this trade if you're not short from the top.
If price continues to fall it would be like you had closed part of your position too soon, but you won't loose money. Plus, ...
There's not a great deal of analysis behind this trade, it's coming from a sort of double bottom, it's approximating the 0.618 retracement and it's way oversold in h1 and entering oversold territory on h4.
Even if we merely get a dead cat bounce there, we should have time to move stops to breackeven. I've never ...
When an ascending range breaks up upwards I take it as a sign of euphoria that quickly fades away, like the previous breakout. Could happen again of course, but I see a collapse to the bottom more likely,
Looks too clean maybe, too textbook move.. but in order to be systematic we need to follow the rules: broke the range and now we sell at the pullback at around 1292.
I also have a sell stop under the lower dotted line.
Don´t have a target, if it works I'll just go with it and see what happens then.
Looks like a textbook bullish flag, but what bothers me is that the execution of the flag would cause quite a strange figure in other correlated pairs, so I find it unlikely to complete.
Any opinion will be appreciated..
It stopped right on the base of the old ascending range, actually we see it passed through a little bit and market rejected it.
In the recent dais it's been falling inside a range and stopped it's falling right in the intersection of the two ranges, which was also the 1.27 extension of the last big ...