NZDCAD - Top-Down Analysis!

25 apr. 2022

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

WEEKLY: Left Chart
NZDCAD is overall bearish however, it is approaching a strong support zone in green so we will be looking for buy setups on lower timeframes.

M30: Right Chart
NZDCAD is forming a channel in red but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)

Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)

Meanwhile, until the buy is activated, NZDCAD can still trade lower inside the support zone .

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich