NZDCAD | 1H Timeframe | Bearish trend Continuation
NZDCAD shows continuation of a Bearish trend. There is a short term bullish fake out activity that can be captured through the Bearish flag. However, the overall trend remains bearish as there is not divergence witnessed
My take is to enter the trade through a sell stop at 0.84209 with a Stop loss at 0.84631, keeping in view risk at 1%. My first Take Profit level will be 0.83782 with a risk:reward ratio of 1:1. I would however change the Stop loss once TP1 is achieved for the last leg of the trade in order to ride the trend. My Take Profit 2 level is set at 0.83346
My take is to enter the trade through a sell stop at 0.84209 with a Stop loss at 0.84631, keeping in view risk at 1%. My first Take Profit level will be 0.83782 with a risk:reward ratio of 1:1. I would however change the Stop loss once TP1 is achieved for the last leg of the trade in order to ride the trend. My Take Profit 2 level is set at 0.83346