NZDCAD Counter trend trade 5:1
Possible buy on the NZD CAD
We have sideways price action, followed by a burst to the upside AND a large wick rejection on the bottom, this implies to me there were alot of buying positions accumulated in that sideways motion, The most amount of occured at .8675 which is where I will be looking to buy at.
We may not get a spike up to our take profit, I will be monitoring for early signs to close out since we are in a downtrend.
Be one step at a time, we need to so how it reacts at the entry first.
13 pip stop, might be a little to tight.