NZDCAD - Trend-Following Sell Setup!

18 nov. 2022

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

NZDCAD is overall bearish from a long-term perspective trading inside the brown falling broadening wedge pattern, and it is currently retesting the upper brown trendline.

Moreover, the zone 0.827 - 0.835 is a strong resistance zone .

So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the blue resistance zone and upper brown trendline. (acting as non-horizontal resistance)

As per my trading style:
Since NZDCAD is approaching the purple circle zone, I will be looking for bearish reversal setups (like a double top 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