Waiting for a pullback to go long NZDCAD 18 Oct, 2021
When this market is trending, the relationship it has to the 20EMA is consistently good. The EMA holds the price down when bearish and provides support when bullish. When price touches the EMA it has been a good location to take a trade in line with the trend.
We seem to be at the start of a new bullish move and if this holds true, taking a buy at the next pullback could be a good trade with a large potential R/R. The support around 0.8630 has held since mid Aug. and I expect it to hold again. However, nothing is 100% in trading and what was true in the past may not be true now. Place a stop loss on the other side of the 20EMA but give it some breathing space.
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Always use sound money and risk management in all your trades.
We seem to be at the start of a new bullish move and if this holds true, taking a buy at the next pullback could be a good trade with a large potential R/R. The support around 0.8630 has held since mid Aug. and I expect it to hold again. However, nothing is 100% in trading and what was true in the past may not be true now. Place a stop loss on the other side of the 20EMA but give it some breathing space.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.