Another Entry? NZD / CAD Analysis. :)
Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis
As you can see in the chart provided below, price had tried breaking out of this range that it has been stuck in but formed a double top and showed rejection and continued to the down side. I waited for more confirmation on lower time frames to get into the trade but I also waited for price to break and retest the trend before continuing.
Hourly Analysis
As previously mentioned, price has broken back into the range that it was recently stuck in, although it was breaking into the range and retesting the zone as resistance almost instantly I wanted more confirmation, a break of recent lows would be my entry. Also, the short position that I have marked up is the current trade that I am in, I totally forget to make in initial post about my analysis but I will also post some results in a later post after closing this trade. Anyways, I could have gotten in on the first big bearish candle that was closed on September 28, at 06:00 and it could have been a good entry, but due to my recent losing streak I wanted more confirmation and that is why I waited for this pair to make a few more bearish candles showing that there is more momentum.
Another Possible Entry?
I can potentially see another entry into this trade if the price breaks below these recent lows and the entry would be roughly around were my second short position mark up would be. I am not going to enter into this trade for another percent just due to the sole reason that I have been on a losing streak and there is absolutely no reason for me to make this into a losing trade when it at most is a breakeven trade at this moment.
Be careful if you decide to get into this trade, like mentioned before this is just my analysis on the market and is not to be taken as a signal service of any kind. I am just trying to document my trading a little bit more and also help some fellow traders while doing so. I really hope that you guys enjoy the stuff I have already posted, let me know if there are any specific topics you would like me to go over.
I hope the rest of all of your guys trading weeks goes just as planned and we all have a good end to the week, Good Luck.
Thanks again,
KeySlot
Daily Analysis
As you can see in the chart provided below, price had tried breaking out of this range that it has been stuck in but formed a double top and showed rejection and continued to the down side. I waited for more confirmation on lower time frames to get into the trade but I also waited for price to break and retest the trend before continuing.
Hourly Analysis
As previously mentioned, price has broken back into the range that it was recently stuck in, although it was breaking into the range and retesting the zone as resistance almost instantly I wanted more confirmation, a break of recent lows would be my entry. Also, the short position that I have marked up is the current trade that I am in, I totally forget to make in initial post about my analysis but I will also post some results in a later post after closing this trade. Anyways, I could have gotten in on the first big bearish candle that was closed on September 28, at 06:00 and it could have been a good entry, but due to my recent losing streak I wanted more confirmation and that is why I waited for this pair to make a few more bearish candles showing that there is more momentum.
Another Possible Entry?
I can potentially see another entry into this trade if the price breaks below these recent lows and the entry would be roughly around were my second short position mark up would be. I am not going to enter into this trade for another percent just due to the sole reason that I have been on a losing streak and there is absolutely no reason for me to make this into a losing trade when it at most is a breakeven trade at this moment.
Be careful if you decide to get into this trade, like mentioned before this is just my analysis on the market and is not to be taken as a signal service of any kind. I am just trying to document my trading a little bit more and also help some fellow traders while doing so. I really hope that you guys enjoy the stuff I have already posted, let me know if there are any specific topics you would like me to go over.
I hope the rest of all of your guys trading weeks goes just as planned and we all have a good end to the week, Good Luck.
Thanks again,
KeySlot