NZDCAD Daily Long Entry

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pdr

Still have my trading 'L' Plates
Staff member
OK, so this one is a little different, as I used RSI as a roadmap to assist the entry, original entry chart below.

NZDCAD_2018-01-10_17-37-54.png

Looking at the chart below, entry was taken based off of a break of the candle at the bottom of the chart - SL -5 pips from the low and Entry +5 pips from the high.

A quick word on risk - I'm using 1R risk to 2R profit - effective a 1:2 risk to reward. I discuss risk elsewhere on the site (I'll link to the article later).

Looking ar RSI at the bottom of the chart, you can see that there is a rising trendline of support leading to a consolidation in price and then the eventual bullish rise.

Lastly, just prior to entry we have a 'W' pattern which I discuss here (link to be added later). W patterns are a great and positive sign of a bullish move.

NZDCAD_Forum_1.png

I'll update this trade once it hits TP or SL.
 

pdr

Still have my trading 'L' Plates
Staff member
Trade update: NZDCAD got super close to take profit (TP) overnight, but has since retraced nearing the close. I am going to leave the trade alone and just let it play out. The only change I will contemplate is moving the Stop Loss (SL) to break even ensuring this trade does not become a loser.

NZDCAD_Forum_2.png
 

pdr

Still have my trading 'L' Plates
Staff member
Quick Update: Sorry about the quilted chart. I forgot to take a snapshot at/near the close of the trade so I have had to patchwork this one up, albeit in a very amateurish way! :cry: The positive on this trade is that it eventually (with patience) hit its intended Take Profit (TP).

NZDCAD_Forum_3.png

Takeaway from this trade: the RSI Trend Line held even though price initially receeded. RSI eventually bounced and carried price with it to the take profit target
 
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