I am placing this sell limit order because I believe this pair will want to respect the descending channel. Now that we have broken the small ascending channel and have come back up to re-test the structure and the 0.618 Fib, I believe we will see a small downtrend emerge. The sell limit has been placed between to 0.618-0.786 Fib in an attempt to get a wick entry...
Just to update this trade idea: looks like we had a nice rejection from this trendline/neckline coming together Update on this trade setup: after the break of that h&s pattern price has moved somewhat against me pushing into those trendlines, but finally it's showing some movement to the downside. I'm now waiting for a break of 0.8856 to confirm this wants to go lower.
NZDCAD | Swing Position Good Morning Guys, Looking #NZDCAD I would expect a fall in the price in the coming weeks With a potential fall to 0.8680 ( 200 Pips ) Into a short term scenario, we could have a nice entry un the 78,60% of Fibonacci. Targets: 0.8845 0.8825 0.8800 Swing: 0.8680 Good Luck and Be ready for the Re-Test ;)
NZDCAD Sell 4h Chart Pattern -Head & Shoulder -Price retraced @ neckline 1h -Break out of trend line -waiting for retest of trend line =Sell
NZDCAD in Downtrend and Rejected from Resistance level.Expecting Continue Downside Move.