NZDCAD - Do We Have A Bullish Breakout Pattern Setting Up?
Analysis:
Bullish Confluences
Bearish Confluences
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Bullish Confluences
- Recent change into a bullish trend (HH formed)
- Retest of a key level
- Falling wedge pattern
- 3K short position decrease for the NZD
- 4K short position increase for the CAD
Bearish Confluences
- NZD is the 5th strongest major currency whereas the CAD is the 4th strongest major currency
- 9K long position increase for the CAD
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Trade active:
Our entry criteria has been met and our order has been filled. We are long on this pair wanting to see a bullish breakout after this falling wedge pattern has formed!
Trade closed: stop reached:
Trade Closed
(-1R) Lost
After Trade Comments:
This trade was looking promising at the start as we saw price head in our direction and make a decent move to the upside, however in the end we didn't get the move we were expecting resulting in us getting stopped out. As we've said before this just goes to show the importance of not getting ahead of yourself and waiting for a trade to close before classing it as a win or a loss. It's important to remember that anything can happen whilst you're in a trade but the only thing that matters is the result. Be patient and wait for the outcome, wait for the trade to play out. This does mean sometimes you'll have scenario's like this where price goes in your favour and then against you but you’ll also have scenario's where price is going against you then in your favour. This is what trading is like. Unless exiting a trade early is part of your plan don’t. As soon as you do something that goes against your trading plan your edge isn't the same and that edge which was once profitable could now be the opposite. Don't just exit a trade early because you're worried you might loss the profits you currently have. If you've backtested your strategy and you know it's profitable then why would you not stick to your plan. Why would you be worried when you know if you do as you should then your edge will play out and you will be profitable. This also shows how important it is to backtest your strategy and to know your edge. Stick to your plan, let your edge play out and you will net you more in the long run then if you were to exit a trade early. Trading is all about patience. You've got to wait for the perfect setup and you've also got to wait for the trade to close. Without patience you won't make it as a trader and that's the harsh truth. Patience is key and do is discipline. With that being said let's wait for the next opportunity to present itself to capitalise on.
Stay Safe - The JPI Team
(-1R) Lost
After Trade Comments:
This trade was looking promising at the start as we saw price head in our direction and make a decent move to the upside, however in the end we didn't get the move we were expecting resulting in us getting stopped out. As we've said before this just goes to show the importance of not getting ahead of yourself and waiting for a trade to close before classing it as a win or a loss. It's important to remember that anything can happen whilst you're in a trade but the only thing that matters is the result. Be patient and wait for the outcome, wait for the trade to play out. This does mean sometimes you'll have scenario's like this where price goes in your favour and then against you but you’ll also have scenario's where price is going against you then in your favour. This is what trading is like. Unless exiting a trade early is part of your plan don’t. As soon as you do something that goes against your trading plan your edge isn't the same and that edge which was once profitable could now be the opposite. Don't just exit a trade early because you're worried you might loss the profits you currently have. If you've backtested your strategy and you know it's profitable then why would you not stick to your plan. Why would you be worried when you know if you do as you should then your edge will play out and you will be profitable. This also shows how important it is to backtest your strategy and to know your edge. Stick to your plan, let your edge play out and you will net you more in the long run then if you were to exit a trade early. Trading is all about patience. You've got to wait for the perfect setup and you've also got to wait for the trade to close. Without patience you won't make it as a trader and that's the harsh truth. Patience is key and do is discipline. With that being said let's wait for the next opportunity to present itself to capitalise on.
Stay Safe - The JPI Team