NZDCAD
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TOP DOWN ANALYSIS FOR NZDCAD
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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??☺️
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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)
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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.
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So what am I expecting for my entries which will also ensure proper risk management?Nota
ONE
A breakout and retest on the upside to enter the trade considering my TP and SL positions.
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TWO
A breakout from the trendline and retest to enter the trade considering my TP and SL positions as well.
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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.
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