NZDCAD Trend Continuation Pattern
Updated
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Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on NZDCAD. Here as you can see, the market broke above the previous highs of .8797 and is now retracing back into a 0.618 Fib retracement level, which gave me my entry @ .8738. Since my entry got hit, I put my stop loss 10 pips below the most recent low @ .8676, and my target @ .8808. Clearly we have been in consolidation on this pair since 6/5/20, but have finally looked like we have broken out to the upside. However, whether this is a genuine breakout or simply a false breakout is unclear yet. So, we'll just have to wait and see what happens.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only. I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.
Welcome back for some more chart analysis practice. I found another trend continuation pattern opportunity here on NZDCAD. Here as you can see, the market broke above the previous highs of .8797 and is now retracing back into a 0.618 Fib retracement level, which gave me my entry @ .8738. Since my entry got hit, I put my stop loss 10 pips below the most recent low @ .8676, and my target @ .8808. Clearly we have been in consolidation on this pair since 6/5/20, but have finally looked like we have broken out to the upside. However, whether this is a genuine breakout or simply a false breakout is unclear yet. So, we'll just have to wait and see what happens.
Ultimately guys, while trading can be very simplistic at times, it is genuinely a hard skill to master, and if you are serious about becoming a consistently profitable trader, then you need to master chart analysis. So, take it seriously, get out there and practice it every day.
Disclaimer: This is not a recommendation or an endorsement to buy, sell, or take any positions of any kind, in any market. This is for educational purposes only. I am not taking this trade in real life, and I have not back-tested this particular strategy on this currency pair, so I really don't know how this type of trading strategy will work on this currency pair. That being said, never trade anything you haven't back-tested on your own. Don't trade a strategy just because someone tells you it's a good strategy, always back-test the strategy in question over historical data before trading it with real money. Trading a strategy that has not been back-tested is the equivalence of gambling your money away, or trying to shoot a target when its pitch-black outside. You work hard for your money, so don't throw it away.
Trade closed: target reached
Disclaimer
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