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CANADIAN DOLLAR / NEW ZEALAND DOLLAR

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CADNZD trade ideas

$100k Challenge - NZDCAD Long - E6 T2Hey everyone! Yet another trade idea for the challenge! In this one we have some positive feelings for the NZDCAD! 📈 When inspecting the H4 chart we immediately see how the market rejected almost instantly the support area, to then fail to create new lows and printing a strong bullish presence around the 22nd. I've been monitoring a potential long for a few days as I wanted to take advantage of this potential bull run. Once I saw the market continuing upwards, I went to the H1 charts to search for a potential entry opportunity, I spotted a strong support area that was acting as the top range for a minor consolidation zone. When I saw the market trading again above the consolidation resistance, given that the zone previously acted as a strong support, I decided to zoom in a bit more. Which takes us to the M30 chart, where we see the market making constant pushes towards the resistance zone, creating a bullish structure (higher lows higher highs), and when reading the recent price action, we see how the market appeared to have a strong selling presence, it failed to follow through, suggesting that the bulls have the upper hand! It's not as clean as I'd like the entry to be, but given the great 1:4 RR of the trade, it was enough to convince me! Regarding risk and trade management, we have a standard approach: 1%, half of it to the first TP located at the H4 resistance area around the 0.8160 zone, and the second half with an open TP in case we see a break from that resistance, which can lead to a long-term bullish trend for the following few months. Anyways, I hope you enjoyed the set up idea! Remember to follow so you can stay up to date with the trade ideas :) Until the next trade!
Long
by FernandoBorea
CADNZD Bullish Momentum Detected - Actionable Analysis InsideCADNZD is currently demonstrating a robust bullish momentum within a significant support zone, coupled with adherence to an ascending trendline, suggesting a favorable bullish trajectory. This analysis delves into key technical indicators to assess potential trading opportunities. Key Technical Factors: 1. Bullish Momentum: CADNZD exhibits a notable bullish sentiment, underscored by a sustained upward movement. This momentum is indicative of a strengthening buying pressure within the market. 2. Support Area: The currency pair has encountered a key support zone, reinforcing the bullish bias. The confluence of buying interest at this level further bolsters the potential for upward price movement. 3. Bullish Trendline: The presence of a bullish trendline underscores the continuity of the upward trajectory. The adherence to this trendline serves as a technical validation of the bullish sentiment prevailing in the market. Trade Recommendation: - Entry Point: Initiate long positions near 1.2255 to capitalize on the ongoing bullish momentum. - Stop Loss: Place a stop loss order near 1.228 to mitigate potential downside risks and protect capital in the event of an adverse price movement. - Take Profit Targets: - TP-1: Set the first take profit target at 1.2314 to secure profits as the price continues its upward journey. - TP-2: Aim for a secondary take profit target at 1.2358 to capitalize on further bullish momentum and maximize gains. Risk Management: It is imperative to exercise prudent risk management strategies, including the use of appropriate position sizing and adherence to stop loss levels, to safeguard against unexpected market fluctuations. Conclusion: In conclusion, CADNZD presents a compelling bullish opportunity supported by strong momentum, a key support area, and adherence to a bullish trendline. Traders are advised to consider the aforementioned trade parameters and exercise diligence in managing risk while pursuing potential profit opportunities in the market.
Long
by trading_jupiter
NZDCAD Short - CRAB HarmonicHarmonic Pattern: The Crab Harmonic pattern is a reversal pattern that indicates potential trend exhaustion. In this case, the presence of a Crab Harmonic pattern suggests a possible reversal to the downside for NZDCAD. Technical Indicators: Confirmation: Look for additional technical indicators or chart patterns to confirm the potential reversal signaled by the Crab Harmonic pattern. This could include overbought conditions on oscillators like RSI or stochastic, bearish candlestick patterns, or a break below key support levels. Trade Setup: Entry: Place a sell stop order below the recent swing low, anticipating a continuation of the downtrend once the price breaks below this level. The sell stop order ensures entry into the trade once the downward momentum is confirmed. Stop-loss: Set the stop-loss order above the recent swing high or the X point of the Crab pattern to protect against potential losses if the price reverses unexpectedly. Ensure that the stop-loss level is placed outside of the potential reversal zone (PRZ) defined by the Crab pattern. Take-profit: Determine the take-profit target based on key support levels, Fibonacci extensions, or a favorable risk-reward ratio. Consider scaling out of the position as the trade progresses to lock in profits. Risk Management: Position Size: Calculate your position size based on your risk tolerance and the distance between your entry point and stop-loss level, ensuring that you only risk a predetermined percentage of your trading capital per trade. Risk-Reward Ratio: Aim for a risk-reward ratio of at least 1:2 or higher to ensure that potential profits outweigh potential losses. Conclusion: With the Crab Harmonic pattern suggesting a potential reversal to the downside for NZDCAD, a short position with a sell stop order presents a favorable trading opportunity. However, always conduct thorough analysis, practice proper risk management, and remain vigilant for any unexpected market developments.
Short
by MAAwan