NZDCAD - Potential Bearish Reversal!

2022年11月6日Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

As per my last NZDCAD idea (attached on the chart), we where looking for buy setups around the blue support. NZDCAD rejected the support and traded higher. NOW WHAT?

on DAILY: Left Chart
NZDCAD is approaching a resistance zone in green so we will be looking for sell setups.

Knowing that NZDCAD can still trade higher inside the zone before going down.

That's why we don't sell blindly, we always zoom in to lower timeframes and wait for the bears to take over.

on H4: Right Chart
NZDCAD formed a trendline in red but it is not ready to go yet.

Trigger => waiting for a momentum candle close below the last low in gray to sell.

Meanwhile, until the sell is activated, NZDCAD can still trade higher.

Which scenario do you think is more probable and why?

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

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich