NZDCAD - Long opportunity, gartley and 2618 in the background
8 failed attempts to close below 0.92900.
We find heavy support here looking back historically aswell.
In the background we also see a completed gartley, and we also have a double bottom followed by a 61.8 retracement which acts as my entry point.
The momentum is turning in our favor.
IF, however, we break to the downside we will most likely find another interesting opportunity around 0.92700 level. This is why Im not placing stop loss below 0.92700 - because if we break down, my reasons for entry are violated and we will most likely see a fall, if even slight, below 0.92700 anyway, which would yield terrible R/R for this setup.
We find heavy support here looking back historically aswell.
In the background we also see a completed gartley, and we also have a double bottom followed by a 61.8 retracement which acts as my entry point.
The momentum is turning in our favor.
IF, however, we break to the downside we will most likely find another interesting opportunity around 0.92700 level. This is why Im not placing stop loss below 0.92700 - because if we break down, my reasons for entry are violated and we will most likely see a fall, if even slight, below 0.92700 anyway, which would yield terrible R/R for this setup.