NZDCAD Daily Sell 14.03.18

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pdr

Still have my trading 'L' Plates
Staff member
#1


I took a short on NZDCAD on Thursday. I noticed some negative RSI Divergence on the chart. Though this could be coiling to push higher I felt it was worth the risk. Initial R:R of 1:2 as usual.

Observing the 3 floors of RSI Resistance. This is something I plan to cover in a more in-depth fashion here but enough to say this could provide varying levels of resistance as I try to push for extended targets.
 

pdr

Still have my trading 'L' Plates
Staff member
#3
Trade Update: Closed for +200 pips

Looking at the chart below you can see my speculation. I believe that NZDCAD may rally here to around 65.5 on the RSI, and then reverse sharply. So took profits anticipating this move.