NZDCAD

Oct 2, 2020

TOP DOWN ANALYSIS FOR NZDCAD

Oct 3, 2020

Note

On the daily TF, we can see that there is a head and shoulders formation with price uptrending towards the neckline of the H|S which is also a strong resistance zone.

Clear??☺️

Oct 3, 2020

Note

On a 4 hour TF, asides the uptrend, price is also approaching the double bottom (not the textbook version) neckline and has tested it.

(Still testing to see if it could break through)

Oct 3, 2020

Note

On the 30 minutes TF after price has broken and tested a major downtrend, it is now heading upward. The yellow zone showcases a symmetrical triangle formation (which usually breaks out anywhere).

The probability of it breaking up is much higher because all the details we have seen so far are bullish signals.

Oct 3, 2020

Note

So what am I expecting for my entries which will also ensure proper risk management?

Oct 3, 2020

Note

ONE

A breakout and retest on the upside to enter the trade considering my TP and SL positions.

Oct 3, 2020

Note

TWO

A breakout from the trendline and retest to enter the trade considering my TP and SL positions as well.

Oct 3, 2020

Note

Personally, I would not have waited for a retest. I would enter the trade once price breaks out and the candle closes outside that breakout.