NZDCAD Trendline Breakout and Bullish Gartley Formation
Pair / Instrument: NZDCAD
Time Frame: H4
The trend in the Timeframe: NEUTRAL
The trend in the Daily Chart: BEARISH
Description: If the price breaks below the trendline – somewhere 0.89000, it is likely to complete a bullish Gartley at 0.88400. Short Trade can be taken by the breakout of trendline 0.89000 targeting 0.88400. And Long trade can be entered at 0.88400 targeting 0.89000
Trade Based On: TL Breakout and Bullish Gartley
Entry: 0.89000 – wait for the H1 closing –
Stop Loss: Below 0.89200
Take Profit 1: 0.88600 /
Take Profit 2: 0.88400
Update: TP2 Reached. 60 Pips. Short Trade is closed.
Stop Loss: 0.88200
Take Profit 1: 0.88600
Take Profit 2: 0.89000
Update: TP1 Reached. Close 50% of the positions move SL to entry. 20 Pips
LINK TO FOLLOW THE SETUP: NZDCAD TRADE IDEA
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
NZDCAD: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility