NZDCAD 1HR Short - Closed for re-evaluation.

4HRTF

Although in correlation CAD is weak, and NZD is stronger. Price hitting near the top of the range. Looking to short instead. Story here shows the the red candles on the 4HRTF looks strong when compare to the up move of the 1HR TF.

1HRTF

From this lower TF of the 60M, we see a nice red candle coming down with 15M  TF struggling to go up. We also have lower lows formed.

SL Hit with wider spread. Standing aside to see what price do next.

I manage to catch myself dong something against what I'm suppose to do. I entered a trade again for the sell here thinking this should be the price for the price to move downwards plus going down one time frame lower to find the entry. I closed this trade after asking myself what are my rules. Where are the money spot and V formation. Where are the sellers? No sellers, but there are buyers around. So direction is wrong. Standing by.

Going down to the 15M, I see a Vformation plus price holding with extra Vform in the 3M TF. I'm pretty confident this trade will work out. Set SL above V formation. Take profit should be must higher. Will update again once price move in my favor. Feeling: Pretty confident. 2% risk for this trade. Standing by.

Price has moved in my favor. Standing by

History repeats. The overall trend for this time frame is up. But i'm using the higher time frame to tell me to sell. So every time price retraces on the time frame, I will think it's a sell. I closed this trade for I knew that a large draw down is sure to happen. Standing aside again.

So in order for me to do the sell, I need to see that on the 1HR TF, it shows that it's going for a sell. So here 1Hr is still showing as a buy. I won't touch this for now. Just watching to see what happens later for NY Session.

This pair is being re-evaluated in this new post. Click Here