TOP DOWN ANALYSIS FOR NZDCAD
Note
On the daily TF, we can see that there is a head and shoulders formation with price uptrending towards the neckline of the H|S which is also a strong resistance zone.
Clear??☺️
Note
On a 4 hour TF, asides the uptrend, price is also approaching the double bottom (not the textbook version) neckline and has tested it.
(Still testing to see if it could break through)
Note
On the 30 minutes TF after price has broken and tested a major downtrend, it is now heading upward. The yellow zone showcases a symmetrical triangle formation (which usually breaks out anywhere).
The probability of it breaking up is much higher because all the details we have seen so far are bullish signals.
Note
So what am I expecting for my entries which will also ensure proper risk management?Note
ONE
A breakout and retest on the upside to enter the trade considering my TP and SL positions.
Note
TWO
A breakout from the trendline and retest to enter the trade considering my TP and SL positions as well.
Note
Personally, I would not have waited for a retest. I would enter the trade once price breaks out and the candle closes outside that breakout.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.