This position will depend on the price reaction on market open. If there's evidence that this may get Bullish, say an engulfing on the lower timeframes , then I'll be in the trade with current levels. Buy limit orders ahoy.
8 failed attempts to close below 0.92900.
We find heavy support here looking back historically aswell.
In the background we also see a completed gartley, and we also have a double bottom followed by a 61.8 retracement which acts as my entry point.
The momentum is turning in our favor.
IF, however, we break to the downside we will most likely find another...
We have a triangle forming, and within it a Gartley completing right at bullish trendline / lower triangle. We also have a AB-CD within the gartley to strenghten the gartley pattern.
Targetting 0.382 fib of A-D move, stop loss below trendline.
A couple weeks ago, I was probably inclined to short NZDCAD. Now the picture seems different. There is some disrespect for the weekly band of resistance and there is a complex upward trend that could strengthen.
Sound traders shift their mindsets as new information emerges. I'm long on NZDCAD, having contracted to lose a controlled amount (alias stop-loss). This...