2016-05-09_23-38-53nzdcad

Hello all,

When I arrived home I did check my charts which are 40 in total.

I already had 8 trades open therefore I did not plan to open any more trades.

But when I saw this nzdcad daily candle close I saw an opportunity of trying to make some pips.

The pair has been making lower lows and lower highs since December and yes the later you enter on the trend the more likely the trend might reverse but nevertheless with a complete overbought stochastic I took the short trade.

I always think of a big target to really try to let the winners run. Therefore I placed number 12 on the chart two support zones below price.

Price did retest resistance from below and the 50 day moving average acted also as a dynamic level of resistance.

My only bias on the chart is to be a bear. If I am a bear I want to be short from resistance which I did.

BEST OF PIPS

One thought on “Short Entry on NZDCAD”

  1. Paulo F says:

    Great Nuno, I’m with you.

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