Possible buy on the NZD CAD
We have sideways price action, followed by a burst to the upside AND a large wick rejection on the bottom, this implies to me there were alot of buying positions accumulated in that sideways motion, The most amount of volume occured at .8675 which is where I will be looking to buy at.
We may not get a spike up to our take profit, I will be monitoring for early signs to close out since we are in a downtrend.
Be one step at a time, we need to so how it reacts at the entry first.
13 pip stop, might be a little to tight.
We have sideways price action, followed by a burst to the upside AND a large wick rejection on the bottom, this implies to me there were alot of buying positions accumulated in that sideways motion, The most amount of volume occured at .8675 which is where I will be looking to buy at.
We may not get a spike up to our take profit, I will be monitoring for early signs to close out since we are in a downtrend.
Be one step at a time, we need to so how it reacts at the entry first.
13 pip stop, might be a little to tight.
Note
Disregard setup for now, price action isn't looking how i'd like
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
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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.