NZDCAD Breakout Trading Strategy – 17th Jan 2019 | Free Forex Trading Signal

NZDCAD Breakout Trading Strategy – 17th Jan 2019

NZDCAD produced a bearish day on the Daily chart. The price pattern suggests that there might be a head and shoulder on the H4 chart. Yesterday’s two massive H4 bearish candles and then a consolidation suggest that the pair might start its journey towards the South again. Let us have a look at the NZDCAD chart.

NZDCAD Breakout Trading Strategy – 17th Jan 2019

NZDCAD Breakout Trading Strategy – 17th Jan 2019

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As we see that the price seems to have found its support at the level of 0.89655. At the moment, the price is in consolidation. However, to make a good bearish move, the price has to go towards the level of 0.90090, be held and produce an H4 bearish engulfing candle. An H1 breakout at the level of 0.89655 after the H4 bearish engulfing candle would be the signal candle to sell the pair. Let us have a look at the summary of the trade…

  • Sell Stop Order: 0.89655
  • Stop Loss: 0.90090
  • Take Profit: 0.88950

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The price is very adjacent to the level that we are going to wait for the breakout. If we get an H4 breakout right from the zone where the price is now, then we must wait for the next H4 candle to make the correction. In fact, that is another game. Meanwhile, let us hope that the price goes to our desired level to have its full wave correction. One thing to remember to get a strong breakout, full length correction is needed. This is what attracts more traders which adds more liquidity.

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