NZDCAD Short Entry
Have been watching NZDCAD for a good while and was originally looking for a long play off of blue channel line to maintain current trend.
Today we have broken under the trendline and have achieved strong downward momentum leading the week to control last weeks prior price action. What I am looking for most as we progress towards the end of week/day is a close under .81445 and a touch under next week I will hunt for a touch under .81176 to plan an entry to increas my position sizing. (This is the low from the prior downward pursh)
The lower the better however I would like to confirm a break under prior weekly low closing price (Set on the week of Jul 22 2024) before I begin to commit any major sums of money to this trade.
We could deafinately see some retesting movement of the next couple of days/weeks however I will not begin to get concerned until we break and close above the Ichimoku cloud on the 4 hour time period. I am expecting some consoldidation to happen first on smaller time periods before we see more strong pushs down so provided we dont dump instantly for some reason (Not likely) you should have plenty of time to plan your own entry accordingly.
Orange Marks on Chart are my periodic profit taking levels. Each level hit I will adjust stop to match prior entry or profit taking location
Today we have broken under the trendline and have achieved strong downward momentum leading the week to control last weeks prior price action. What I am looking for most as we progress towards the end of week/day is a close under .81445 and a touch under next week I will hunt for a touch under .81176 to plan an entry to increas my position sizing. (This is the low from the prior downward pursh)
The lower the better however I would like to confirm a break under prior weekly low closing price (Set on the week of Jul 22 2024) before I begin to commit any major sums of money to this trade.
We could deafinately see some retesting movement of the next couple of days/weeks however I will not begin to get concerned until we break and close above the Ichimoku cloud on the 4 hour time period. I am expecting some consoldidation to happen first on smaller time periods before we see more strong pushs down so provided we dont dump instantly for some reason (Not likely) you should have plenty of time to plan your own entry accordingly.
Orange Marks on Chart are my periodic profit taking levels. Each level hit I will adjust stop to match prior entry or profit taking location
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