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NZDCAD: Range Bound on H4

Overview on the D1 chart

NZDCAD D1 1234 Pattern

NZDCAD D1 1234 Pattern

  • Looking at NZDCAD on the D1 charts, we can see that there is a 1234 pattern which did a WR 5 days ago.
  • Price went up to test the 13TL however it did not close above. This does not fulfil a trigger.
    • Do not go to the lower time frame and consider a close there as a trigger. The trigger should always be in the same time frame as the pattern.
    • Upon the confirmed close above the 13TL, you can then look at the lower time frame for a retracement to previous support to reduce the size of SL by looking for a smaller 1234 pattern in line with the big pattern. (This is what it means to fine-tune the entry)

On the H4 charts

Boxes clearly shows NZDCAD movement in range

Boxes clearly shows NZDCAD movement in range

  • Using Boxes, you can clearly see that price is currently within a range having recently done WRMBs in both direction.
  • Currently price is close to support. If support holds, look for an up 1234 pattern to head towards resistance.
  • If the Support does not hold then price will likely test the next possible support levels.
    • The next possible support & resistance levels can be seen in the D1 chart below
Next Support and Resistance levels on D1 for NZDCAD

Next Support and Resistance levels on D1 for NZDCAD

 

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