NZDCAD counter trend long setup
NZDCAD: Navigating the Bullish Pitchfork
NZDCAD seems to be respecting the bullish pitchfork that I've plotted on the chart. It's followed the script by touching the median line and is now making its way back down.
The Anticipated Scenario
I'm anticipating the price to retrace upwards to the liquidity zone above.
The Trade Strategy
I'll be watching if the price closes with separation at the lower parallel of the pitchfork. If that separation occurs, I'll enter a buy position, and my goal is to target either the median line of the pitchfork or the liquidity zone above whichever comes first.
Disclaimer:
Trading isn't just about analysis; it's also about adapting to the ever-evolving market. Keep an eye on the charts, stay updated with market news, and, most importantly, stick to your risk management plan.
NZDCAD seems to be respecting the bullish pitchfork that I've plotted on the chart. It's followed the script by touching the median line and is now making its way back down.
The Anticipated Scenario
I'm anticipating the price to retrace upwards to the liquidity zone above.
The Trade Strategy
I'll be watching if the price closes with separation at the lower parallel of the pitchfork. If that separation occurs, I'll enter a buy position, and my goal is to target either the median line of the pitchfork or the liquidity zone above whichever comes first.
Disclaimer:
Trading isn't just about analysis; it's also about adapting to the ever-evolving market. Keep an eye on the charts, stay updated with market news, and, most importantly, stick to your risk management plan.