NZDCAD Weekly time frame is at a solid support level as you can see, the market have previously bounced off that area several times, it looks like the market is getting ready to do so now again with the market breaking some highs on the daily time frame, plus here on the weekly we can see the market has formed somewhat of a Bullish engulfing candle, on the daily time frame that was a breakout of a wedge pattern, on the daily the market looks like is going to retrace a little before heading home for short term.
So now that we know that the market is going up, the question that comes up is to where is it going to, where should we look to take our profits,
that why I lined out the green Pivot Point line that could be a potential stop but ultimately the market can go all the way up to the Down trend Line as lined out in the chart, so at the pivot point I will watch closely what the market is doing, I will probably take profits at the pivot point and if im able to get another low price I might buy it again and take it all the way up to the Trend Line...
I hope you found some value in this trade setup!!
So now that we know that the market is going up, the question that comes up is to where is it going to, where should we look to take our profits,
that why I lined out the green Pivot Point line that could be a potential stop but ultimately the market can go all the way up to the Down trend Line as lined out in the chart, so at the pivot point I will watch closely what the market is doing, I will probably take profits at the pivot point and if im able to get another low price I might buy it again and take it all the way up to the Trend Line...
I hope you found some value in this trade setup!!
