NZDUSD Bullish Pennant?
NZDCAD is forming a bullish pennant after a very strong bullish impulse over the last three weeks. The formation holds well on the 1H, 4H and D timeframes.
We will wait for a break of the resistive trendline, then a retest before looking to go long. For a more aggressive setup, a buy stop can be placed above the resistive trendline. First target is 0.65750 with a stop loss a few pips below the supportive trendline. This gives a fair risk to reward of 1.84
Be wary not to trade predictively. Wait for the market to make its move then react, as the bullish pennant could fail to form and we could see price heading downwards.
Please follow me for more ideas and analyses. Feel free to share your thoughts in the comments below. All input is welcome and appreciated.
Best of luck traders!
*THIS IS NOT INVESTMENT ADVICE AND IS NOT IN ANY WAY INTENDED TO BE SUCH. IT IS MERELY MY VIEW ON THE MARKET AND FOR EDUCATIONAL PURPOSES ONLY. ANY POSITIONS OPENED ARE YOUR OWN DISCRETION AND AT YOUR OWN RISK*
We will wait for a break of the resistive trendline, then a retest before looking to go long. For a more aggressive setup, a buy stop can be placed above the resistive trendline. First target is 0.65750 with a stop loss a few pips below the supportive trendline. This gives a fair risk to reward of 1.84
Be wary not to trade predictively. Wait for the market to make its move then react, as the bullish pennant could fail to form and we could see price heading downwards.
Please follow me for more ideas and analyses. Feel free to share your thoughts in the comments below. All input is welcome and appreciated.
Best of luck traders!
*THIS IS NOT INVESTMENT ADVICE AND IS NOT IN ANY WAY INTENDED TO BE SUCH. IT IS MERELY MY VIEW ON THE MARKET AND FOR EDUCATIONAL PURPOSES ONLY. ANY POSITIONS OPENED ARE YOUR OWN DISCRETION AND AT YOUR OWN RISK*
Trade active
If you placed a buy stop above the trendline for an aggressive entry, your position should be open and in small profits.Trade active
The long position is in profits and halfway to our target. Consider taking partial and locking remaining positions in profit.
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