EURNZD Missed Long Trade
Monthly:
Falling Wedge from 04/15
Price is currently in between the key levels of 1.713 and 1.676;
For 6 months price rejected key support;
Weekly:
Clear Higher Highs and Lows structure since 2017;
Currently consolidated for 18 weeks;
Break of 1.713 shows signs of continuation of the monthly uptrend;
10EMA is has been above 20EMA all this time supporting trend continuation;
Daily:
This consolidation has a triangular shape;
Daily Resistance comes in at 1.707;
A break of daily resistance/support + triangular consolidation would signal a possible opportunity;
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Moving Down to 4H for execution;
Head and Shoulder Partern formed at Major Support + Strong Trendline;
Entry Trigger:
Strong candle Breaking trend line and showing momentum moving away from Flip-zone;
Stop Loss:
A few pips below Trigger Candle low;
Target Profit:
Measured move of the head projected up;
Trade Management:
Set and Forget;
________________________________________________________________________________
Lessons Learned:
Target Profit could have been Pattern's resistance Trend Line.
Falling Wedge from 04/15
Price is currently in between the key levels of 1.713 and 1.676;
For 6 months price rejected key support;
Weekly:
Clear Higher Highs and Lows structure since 2017;
Currently consolidated for 18 weeks;
Break of 1.713 shows signs of continuation of the monthly uptrend;
10EMA is has been above 20EMA all this time supporting trend continuation;
Daily:
This consolidation has a triangular shape;
Daily Resistance comes in at 1.707;
A break of daily resistance/support + triangular consolidation would signal a possible opportunity;
_________________________________________________________________________
Moving Down to 4H for execution;
Head and Shoulder Partern formed at Major Support + Strong Trendline;
Entry Trigger:
Strong candle Breaking trend line and showing momentum moving away from Flip-zone;
Stop Loss:
A few pips below Trigger Candle low;
Target Profit:
Measured move of the head projected up;
Trade Management:
Set and Forget;
________________________________________________________________________________
Lessons Learned:
Target Profit could have been Pattern's resistance Trend Line.
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