NZDCAD: Range Bound on H4
Overview on the D1 chart
- 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
- 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
Last time, many things that I wanted were just dreams, now I see them as possibilities. I’m looking forward to own pent-house suite in Manhattan overlooking Central Park because forex trading with Tflow® makes it possible. Find me on Google+