NZDCAD Full Breakdown Analysis (Short Bias)
Disclaimer:
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Hopefully your trading week is going good and hopefully you got a chance to take a look at my last post on my full analysis on EURUSD as well. Like I mentioned in the last post, I am going to be posting a full breakdown starting from the weekly and going all the way down to the hourly time frame where we will be placing a trade if we do end up taking one. So lets get right into it, if you enjoy please follow since I will be posting a lot of analysis in the future that may be good input.
Weekly Analysis:
As you can see price was stuck in a range this whole year basically, but recently we got a rejection to the top black line "Resistance" and left 3 candles with big wicks all rejecting this zone. This just shows me that there price is having a hard time breaking this zone and this also shows that there is not much remaining momentum to the upside. After these rejecting candles to the upside we are followed with a very big bearish candle closing well below the recent lows which is followed by two more bearish candles. If price is able to break out of this zone with a big candle and maybe some rejection under that support line to turn it into a possible resistance area, if this happens we could see a big continuation to the downside with a lot of momentum.
Daily Analysis:
So taking a closer look at this pair even on just the daily you can see a lot more wicks to the top black line "Resistance" which means price tried to break this zone multiple times but failed multiple times which leads me to think there is not enough buyers to push past this zone. Even on the push down we can see multiple bearish candles and we can even see one pullback within this move but it only halted price for a few days then continued to drop. We can see that price is beginning to break this bottom support zone which may lead to a big long term move. To get into a trade like this you would need to have patience and more confirmation on lower time frames.
Hourly Analysis:
Now looking even further into this, we can see a little pullback that we had at the beginning of the trading week on Monday. Price has already rejected this support zone as a resistance zone but price seemed to make a good move past these recent highs pushing closer towards the actual zone itself. We would need to see a close below the recent lows that were created during the recent pullback, another thing that would be helpful is to see a few good sized bearish candles confirming there is momentum. You do not want to enter a trade when there is no volatility then your kind of just stuck waiting for something to happen and that is where your emotions really get you.
Risk Management:
On all of my analysis although I may mention that I am going to take a trade does not mean you have to take this trade or even agree with me in general. Every single person will have a different point of view on the markets and some things may work for one person that may not work for another. I always risk 0.50-1.00% of my total capital on every trade, of course I am not going to be making insane profits but I am in this for the long term and hope to build my wealth in the long term. Like I said everyone has their own ideas so you can always determine what amount you want to risk or what works with your system, I would suggest starting with 1% but I am not a financial advisor so you do what you want.
Thanks again,
KeySlot
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Hopefully your trading week is going good and hopefully you got a chance to take a look at my last post on my full analysis on EURUSD as well. Like I mentioned in the last post, I am going to be posting a full breakdown starting from the weekly and going all the way down to the hourly time frame where we will be placing a trade if we do end up taking one. So lets get right into it, if you enjoy please follow since I will be posting a lot of analysis in the future that may be good input.
Weekly Analysis:
As you can see price was stuck in a range this whole year basically, but recently we got a rejection to the top black line "Resistance" and left 3 candles with big wicks all rejecting this zone. This just shows me that there price is having a hard time breaking this zone and this also shows that there is not much remaining momentum to the upside. After these rejecting candles to the upside we are followed with a very big bearish candle closing well below the recent lows which is followed by two more bearish candles. If price is able to break out of this zone with a big candle and maybe some rejection under that support line to turn it into a possible resistance area, if this happens we could see a big continuation to the downside with a lot of momentum.
Daily Analysis:
So taking a closer look at this pair even on just the daily you can see a lot more wicks to the top black line "Resistance" which means price tried to break this zone multiple times but failed multiple times which leads me to think there is not enough buyers to push past this zone. Even on the push down we can see multiple bearish candles and we can even see one pullback within this move but it only halted price for a few days then continued to drop. We can see that price is beginning to break this bottom support zone which may lead to a big long term move. To get into a trade like this you would need to have patience and more confirmation on lower time frames.
Hourly Analysis:
Now looking even further into this, we can see a little pullback that we had at the beginning of the trading week on Monday. Price has already rejected this support zone as a resistance zone but price seemed to make a good move past these recent highs pushing closer towards the actual zone itself. We would need to see a close below the recent lows that were created during the recent pullback, another thing that would be helpful is to see a few good sized bearish candles confirming there is momentum. You do not want to enter a trade when there is no volatility then your kind of just stuck waiting for something to happen and that is where your emotions really get you.
Risk Management:
On all of my analysis although I may mention that I am going to take a trade does not mean you have to take this trade or even agree with me in general. Every single person will have a different point of view on the markets and some things may work for one person that may not work for another. I always risk 0.50-1.00% of my total capital on every trade, of course I am not going to be making insane profits but I am in this for the long term and hope to build my wealth in the long term. Like I said everyone has their own ideas so you can always determine what amount you want to risk or what works with your system, I would suggest starting with 1% but I am not a financial advisor so you do what you want.
Thanks again,
KeySlot
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