NZDCAD - Following The Trend📉

7 Feb

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

📈 NZDCAD has been overall bearish, trading within the falling channel in blue.

At present, NZDCAD is undergoing a correction phase and it is currently approaching the upper blue trendline acting as a non-horizontal resistance.

Moreover, it is retesting a strong supply zone marked in green.

🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the green supply and upper blue trendline.

📚 As per my trading style:
As #NZDCAD approaches the red circle zone, I will be looking for bearish reversal setups (like a top bottom pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich