NZDCAD MARKET MONDAY EP 1

Trade (1)

Entry Type : Limit Buy @ 0.83600
Stop Loss : 0.83300
Take Profit : 0.85600
R/R : 6.77
R/R % : .5% / 3.8%


Technical Analysis:

Price Action has triple bottomed on the H8 time frame and has had a bullish push upward. The bullish push has ended and we have now seen the corrective cycle past the 50% Fibonacci level and edging toward the 61.8% Fibonacci level. This level is also a previous support level and I believe we will find support yet again. My stop loss is placed below the 71.0 Fibonacci level which coincides with a minor resistance turned support. My take profit level is placed slightly above the -27.2 Fibonacci extension .