A couple weeks ago, I was probably inclined to short NZDCAD. Now the picture seems different. There is some disrespect for the weekly band of resistance and there is a complex upward trend that could strengthen.
Sound traders shift their mindsets as new information emerges. I'm long on NZDCAD, having contracted to lose a controlled amount (alias stop-loss). This means that I do not know what will happen next. I cannot control the future. All I can do is control my loss.
This is not a tutorial. I do not give tips on how or where to place stop-losses.
Disclaimer: Dance with danger but at your own risk. As Akil Stokes once said, "You're to blame" LOL. In other words, take positions if you wish but your losses are your own. I make no assurances that this perspective above will lead to a gain. I accept that 80% of my analyses will be wrong and therefore an 80% loss rate. You have been warned/told.
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The market decided as it pleased. Price approaching the last stand at a level of possible support, and punching the 200EMA in what was overall a bullish trend. NZDCAD is a wild one. I've seen it do very strange stuff before. I'm happy to take a long position at current price for a limited acceptable loss. This does not mean that traders should follow and get stop-hunted.