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NZDCAD trade ideas

$100k Challenge - NZDCAD Long - E6 T2Hey everyone! Yet another trade idea for the challenge! In this one we have some positive feelings for the NZDCAD! 📈 When inspecting the H4 chart we immediately see how the market rejected almost instantly the support area, to then fail to create new lows and printing a strong bullish presence around the 22nd. I've been monitoring a potential long for a few days as I wanted to take advantage of this potential bull run. Once I saw the market continuing upwards, I went to the H1 charts to search for a potential entry opportunity, I spotted a strong support area that was acting as the top range for a minor consolidation zone. When I saw the market trading again above the consolidation resistance, given that the zone previously acted as a strong support, I decided to zoom in a bit more. Which takes us to the M30 chart, where we see the market making constant pushes towards the resistance zone, creating a bullish structure (higher lows higher highs), and when reading the recent price action, we see how the market appeared to have a strong selling presence, it failed to follow through, suggesting that the bulls have the upper hand! It's not as clean as I'd like the entry to be, but given the great 1:4 RR of the trade, it was enough to convince me! Regarding risk and trade management, we have a standard approach: 1%, half of it to the first TP located at the H4 resistance area around the 0.8160 zone, and the second half with an open TP in case we see a break from that resistance, which can lead to a long-term bullish trend for the following few months. Anyways, I hope you enjoyed the set up idea! Remember to follow so you can stay up to date with the trade ideas :) Until the next trade!
Long
by FernandoBorea
CADNZD Bullish Momentum Detected - Actionable Analysis InsideCADNZD is currently demonstrating a robust bullish momentum within a significant support zone, coupled with adherence to an ascending trendline, suggesting a favorable bullish trajectory. This analysis delves into key technical indicators to assess potential trading opportunities. Key Technical Factors: 1. Bullish Momentum: CADNZD exhibits a notable bullish sentiment, underscored by a sustained upward movement. This momentum is indicative of a strengthening buying pressure within the market. 2. Support Area: The currency pair has encountered a key support zone, reinforcing the bullish bias. The confluence of buying interest at this level further bolsters the potential for upward price movement. 3. Bullish Trendline: The presence of a bullish trendline underscores the continuity of the upward trajectory. The adherence to this trendline serves as a technical validation of the bullish sentiment prevailing in the market. Trade Recommendation: - Entry Point: Initiate long positions near 1.2255 to capitalize on the ongoing bullish momentum. - Stop Loss: Place a stop loss order near 1.228 to mitigate potential downside risks and protect capital in the event of an adverse price movement. - Take Profit Targets: - TP-1: Set the first take profit target at 1.2314 to secure profits as the price continues its upward journey. - TP-2: Aim for a secondary take profit target at 1.2358 to capitalize on further bullish momentum and maximize gains. Risk Management: It is imperative to exercise prudent risk management strategies, including the use of appropriate position sizing and adherence to stop loss levels, to safeguard against unexpected market fluctuations. Conclusion: In conclusion, CADNZD presents a compelling bullish opportunity supported by strong momentum, a key support area, and adherence to a bullish trendline. Traders are advised to consider the aforementioned trade parameters and exercise diligence in managing risk while pursuing potential profit opportunities in the market.
Long
by trading_jupiter