$100k Challenge - NZDCAD Long - E6 T2
Hey everyone!
Yet another trade idea for the challenge! In this one we have some positive feelings for the NZDCAD! 📈
When inspecting the H4 chart we immediately see how the market rejected almost instantly the support area, to then fail to create new lows and printing a strong bullish presence around the 22nd. I've been monitoring a potential long for a few days as I wanted to take advantage of this potential bull run.
Once I saw the market continuing upwards, I went to the H1 charts to search for a potential entry opportunity, I spotted a strong support area that was acting as the top range for a minor consolidation zone. When I saw the market trading again above the consolidation resistance, given that the zone previously acted as a strong support, I decided to zoom in a bit more.
Which takes us to the M30 chart, where we see the market making constant pushes towards the resistance zone, creating a bullish structure (higher lows higher highs), and when reading the recent price action, we see how the market appeared to have a strong selling presence, it failed to follow through, suggesting that the bulls have the upper hand! It's not as clean as I'd like the entry to be, but given the great 1:4 RR of the trade, it was enough to convince me!
Regarding risk and trade management, we have a standard approach: 1%, half of it to the first TP located at the H4 resistance area around the 0.8160 zone, and the second half with an open TP in case we see a break from that resistance, which can lead to a long-term bullish trend for the following few months.
Anyways, I hope you enjoyed the set up idea! Remember to follow so you can stay up to date with the trade ideas :)
Until the next trade!
Yet another trade idea for the challenge! In this one we have some positive feelings for the NZDCAD! 📈
When inspecting the H4 chart we immediately see how the market rejected almost instantly the support area, to then fail to create new lows and printing a strong bullish presence around the 22nd. I've been monitoring a potential long for a few days as I wanted to take advantage of this potential bull run.
Once I saw the market continuing upwards, I went to the H1 charts to search for a potential entry opportunity, I spotted a strong support area that was acting as the top range for a minor consolidation zone. When I saw the market trading again above the consolidation resistance, given that the zone previously acted as a strong support, I decided to zoom in a bit more.
Which takes us to the M30 chart, where we see the market making constant pushes towards the resistance zone, creating a bullish structure (higher lows higher highs), and when reading the recent price action, we see how the market appeared to have a strong selling presence, it failed to follow through, suggesting that the bulls have the upper hand! It's not as clean as I'd like the entry to be, but given the great 1:4 RR of the trade, it was enough to convince me!
Regarding risk and trade management, we have a standard approach: 1%, half of it to the first TP located at the H4 resistance area around the 0.8160 zone, and the second half with an open TP in case we see a break from that resistance, which can lead to a long-term bullish trend for the following few months.
Anyways, I hope you enjoyed the set up idea! Remember to follow so you can stay up to date with the trade ideas :)
Until the next trade!