Looking for reversal NZDCAD .. the week of 15 June
Trading reversals is not easy, provide a reduce win rate too, but this one is worth considering.
The daily chart shows a narrow band between 0.8780 and 0.8800 has held price for several months. Price action over the past 6 trading days clearly shows the inability of bulls to break above this zone.
The H4 chart shows this more clearly and I intend to take a short in the middle of this resistance zone. My ultimate target will be just above 0.8540.
My trading style is not conservative, I do not wait for confirmations. Confirmations always cost come with a cost, the stop will have to be larger, the R/R will reduce although the win rate will be higher. I prefer to take a small position at first and add more positions if my analysis proves to be correct. This enables me to keep a tighter stop loss, reduces the loss while giving the opportunity to make larger gains.
If you like my analysis, please give it a "thumbs up" and follow me to get immediate notification of my posts/updates.
As always, please use sound money and risk management in all your trades.
The daily chart shows a narrow band between 0.8780 and 0.8800 has held price for several months. Price action over the past 6 trading days clearly shows the inability of bulls to break above this zone.
The H4 chart shows this more clearly and I intend to take a short in the middle of this resistance zone. My ultimate target will be just above 0.8540.
My trading style is not conservative, I do not wait for confirmations. Confirmations always cost come with a cost, the stop will have to be larger, the R/R will reduce although the win rate will be higher. I prefer to take a small position at first and add more positions if my analysis proves to be correct. This enables me to keep a tighter stop loss, reduces the loss while giving the opportunity to make larger gains.
If you like my analysis, please give it a "thumbs up" and follow me to get immediate notification of my posts/updates.
As always, please use sound money and risk management in all your trades.