Forex Market: NZDCAD is in short position [Market Analysis]

in Trading Loungelast month (edited)

Hi everyone,
I hope you are well. I am Hasanul Banna, Professional Forex Trader. Today I will try to analysis NZDCAD chart. I hope you will benefit.

Lets start!
There are something to keep in mind before taking a entry to place. Those are-

  1. Trend
  2. Support and Resistance
  3. Price action signal

Trend:

If we look at the chart below, we can easily understand that the market is on a down trend. Because market has created Lower High continuously.

trend - Copy.JPG

We know you never have to take an entry against the trend. So we have to stay with the trend.

Support and Resistance:

If we look at the chart pattern bellow, 0.87329 is a very strong resistance area. I marked the area in the chart for easy of understanding.

support.JPG

Price Action Signal:

We know that the prize action candle is very useful in taking entry. In the chart below we can see that Bearish pin bar has made on the 4 hour chart at Resistance.

signal.JPG

So I hope this can be a very good entry for a short position.

Entry Position:

Postion: Short (Sell)
Entry Level: 0.8723 to 0.8732
SL: 0.8790
TP: 0.8595
Risk Ration: 1:3

Forex trading is a dangerous Profession. There is a possibility of financial lose. I do not encourage anyone to trade forex. Everyone please trade at your own risk. You can try in demo account for learning purpose.

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Sort:  

tp.JPG

NZDCAD is on my predicting way. 1st tp hit. Hopefully 2nd tp will be hit

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