AN - May be worth keeping a eye on this for some movement on Wednesday. {image} {image}
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regarding A/N
this weeks s78 is also yearly S1 (1.052x)
if AUD disappoints/sees no bids.. and the yS1 is broken, i scalp longs for retests of yS1
(the monthly pinbar low of 2022 is at 1.046x)
{quote} going all in is too much risk for my taste, but i'm glad it worked out for you! congrats!
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No, sorry for misunderstanding, i have a particular account, i put balance each time i want to make a trade/ group of trades, that's for security, so if i want to lose not more than "x" i put that balance and trade. In this case i made 88% the amount i was willing to risk for these 3 trades. Next time i will write more specific, sorry
{quote} tricky pair, both NZD and CAD are quite weak right now, the price its in a good level but im not taking that trade. you could take a look at NU and UC.. i prefer those good luck
NZDCAD Long I've refine my entry by include ADR as others suggest. Anyone got on the same page with me? {image}
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Hello Jameboy9864.
Offering some friendly advice to you , so don't be offended. Many others helped me out when I found this thread AND I listened , which in turn helped me tremendously.
Your current trade , if you left your SL in place , as you know it would have been triggered by now.
Since I really don't know your level of expertise in trading , I'll offer this IMPORTANT OBSERVATION.
The NZDCAD has been in a DOWNTREND ON A WEEKLY CHART since early December of 2022. Furthermore , this pair has been in a DOWNTREND , since late February 2021. There has been 1 major correction between Oct/Nov 2022. ONLY ONE. And it barely qualifies for a major correction by strict definition.
IF YOU ZOOM OUT ON A WEEKLY CHART YOU CAN CLEARLY SEE THIS PRICE ACTION.
With any long trade on this pair , today , you are "swimming against a tsunami". I suspect , not certain , that YOU might be seeing a change in PA currently , due to the consolidation period which occurred between Jan/Feb of this year. IT WAS A TRAP !!!!
My advice to you as well as others is to constantly ZOOM OUT ON ALL OF YOUR CHARTS EVERY WEEK !!! You will clearly see which direction the MAJOR TREND IS HEADING.
For me , with this pair , I would definitely ONLY be shorting this pair AT THE PRESENT TIME. This doesn't mean that this pair will not head higher within the next 4-72 hours. ANYTHING CAN HAPPEN IN FOREX , AND , IT'S YOUR TRADE. The trend is indeed your friend.
YOU MUST identify the HIGHS on whatever time frame is your favorite , know your weekly calendar , the significance of the News Event , and with this pair currently trade from high to low. Being LONG on this pair at the present time , definitely puts yourself on the WRONG SIDE of this pair's trend.
You can easily be successful with JUST THIS PAIR , in Forex , details matter. If you are willing to consistently put in the time , start from Page 1 and STUDY EVERY CHART , you will begin to see the Forex market in a different perspective.
YOU CAN DO IT !!!!!
Sincerely ,
GE
Very valuable advise and motivative comment. Thank you very much!
I've been trading trend-following h4-d1 strategy for some years and reversal kind is really new to me
{quote} Hello Jameboy9864. Offering some friendly advice to you , so don't be offended. Many others helped me out when I found this thread AND I listened , which in turn helped me tremendously. Your current trade , if you left your SL in place , as you know it would have been triggered by now. Since I really don't know your level of expertise in trading , I'll offer this IMPORTANT OBSERVATION. The NZDCAD has been in a DOWNTREND ON A WEEKLY CHART since early December of 2022. Furthermore , this pair has been in a DOWNTREND , since late February 2021....
{quote} Hello Jameboy9864. Offering some friendly advice to you , so don't be offended. Many others helped me out when I found this thread AND I listened , which in turn helped me tremendously. Your current trade , if you left your SL in place , as you know it would have been triggered by now. Since I really don't know your level of expertise in trading , I'll offer this IMPORTANT OBSERVATION. The NZDCAD has been in a DOWNTREND ON A WEEKLY CHART since early December of 2022. Furthermore , this pair has been in a DOWNTREND , since late February 2021....
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Thank you for sharing this analysis everyday is a learning day
Very valuable advise and motivative comment. Thank you very much! I've been trading trend-following h4-d1 strategy for some years and reversal kind is really new to me {quote}
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jameboy9864 , REMEMBER , this thread is DAVITS PIVOT POINT TRADING STRATEGY.
Keep this in your mind foremost. NOT A TREND FOLLOWING STRATEGY in the strictest sense.
Thus , if NC is your favorite pair , currently , you would want to be entering trades PREFERABLY from the R61 , R78 levels , etc. AND be shorting them PROVIDED the PRICE ACTION and NEWS Events support the direction of your trade.
There's over 2000 pages of FREE INFORMATION on this thread for you. UNBELIEVABLE !!!!
GE
Nothing wrong with the entry jameboy9864. Another support level right under it.
Trading styles are so different. Scalping, swing, etc. Then there are many risk and money management strategies...
So, what matters is the time you want to keep this trade and how many pips you think you could squeeze out of it.
If for weeks, then yes, zoom out the weekly, watch for trend and so on. Intraday it matters none.
Further more, depending on your risk management rules of course, this trade was certainly worth a shot.
As said before NC really is tricky because both, NZD and CAD, are attached to a certain commodity.
So when trading CAD I always look at oil.
There is a production cut by Arabs so most definitely it affects oil price.
So keeping that in mind it is mostly buy cad for me atm. Cad news will give you the opportunities to buy cad at certain levels.
I have them drawn on my chart and when ever they get hit I buy. Sometimes lose but mostly win.
I also want to point out that I don't trade this pair myself. I have it on watch but I don't even remember when I traded it last time.
Keenly on GBPCAD I will enter with a small lot
