NZDCAD | COULD BE A GOOD SELL
Hey Everyone!
I believe NZDCAD is a good sell because it's in a bearish channel, we have a strong resistance to the upside, our stop loss is covering both moving averages to add another layer of protection. Overall market bias is bearish, after such a push there might be a slight pullback so if you find the trade pullback heavier you can enter for a more favorable risk-reward ratio.
I would suggest having 3 take profits bank the first at around 20-30 pips just for the support, and the rest is totally up to you.
Good luck!
I believe NZDCAD is a good sell because it's in a bearish channel, we have a strong resistance to the upside, our stop loss is covering both moving averages to add another layer of protection. Overall market bias is bearish, after such a push there might be a slight pullback so if you find the trade pullback heavier you can enter for a more favorable risk-reward ratio.
I would suggest having 3 take profits bank the first at around 20-30 pips just for the support, and the rest is totally up to you.
Good luck!