A Good Trade to Gain Times The Risk on NZDCADNzdcad has an excellent trend continuation setup coming into play.
First, on the daily timeframe, the price is going higher. Second, I see clear signs of higher highs and lows.
Next, the price is pulling back. That's great because the further it pulls back, the closer it gets to where I want to enter the trade.
I'm using my TMP strategy with a Fibonacci to increase the reward.
The reward-to-risk ratio is 2.18, allowing a chance for me to double the profits I can make on the trade.
What can invalidate this setup?
Well, the only two things that can invalidate this setup are if the price does not touch my limit order and continues higher or if the price stops me from the trade, which I'm okay with. I'm just happy for the opportunity to participate.
What about you?
