NZDCAD LONG
Updated
Trade (1)
Entry Type : Market Buy @ CMP 0.83750
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 4.11
R/R % : .5% / 2.05%
Trade (2)
Entry Type : Limit Buy @ 0.83600
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 6.77
R/R % : .5% / 3.8%
Technical Analysis:
Price Action has triple bottomed on the H8 time frame and has had a bullish push upward. The bullish push has ended and we have now seen the corrective cycle past the 50% Fibonacci level and edging toward the 61.8% Fibonacci level. This level is also a previous support level and I believe we will find support yet again. My stop loss is placed above the 71.0 Fibonacci level which coincides with a minor resistance turned support. My take profit level is placed slightly above the -27.2 Fibonacci extension . Both trades outlined have the required criteria for my trade rules to enter the position although I will wait for a candle stick confirmation pattern before entering a market position.
Entry Type : Market Buy @ CMP 0.83750
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 4.11
R/R % : .5% / 2.05%
Trade (2)
Entry Type : Limit Buy @ 0.83600
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 6.77
R/R % : .5% / 3.8%
Technical Analysis:
Price Action has triple bottomed on the H8 time frame and has had a bullish push upward. The bullish push has ended and we have now seen the corrective cycle past the 50% Fibonacci level and edging toward the 61.8% Fibonacci level. This level is also a previous support level and I believe we will find support yet again. My stop loss is placed above the 71.0 Fibonacci level which coincides with a minor resistance turned support. My take profit level is placed slightly above the -27.2 Fibonacci extension . Both trades outlined have the required criteria for my trade rules to enter the position although I will wait for a candle stick confirmation pattern before entering a market position.
Trade active
Trade (1) Market Buy Entered @ .83786Removed .25% risk from my pending order to lower overall risk.
Trade active
Trade (1) has reached over 30pips in profit. SL has been moved to BE. Trade (2) has been cancelled.
Trade closed manually
Trade (1) Closed Manually @ .83981
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