NZD/USD, EUR/USD and NZD/JPY on watch for me today.
Good morning guys and girls,
So price looks like it's starting to form some structure after the big moves that we saw earlier in the week which is what I was anticipating and now what I was looking for yesterday morning looks even more appealing to me today and with regards to the pairs which I have on watch today I can see what might be a lot of support and resistance traders getting themselves caught the wrong side of the market which is what they typically do in the majority of cases, something which is typically followed by a big run-off in the other direction as they realise that what they thought was a retest turns out not to be and they bail out of their positions in unison. A prime example of this which comes to mind which I witnessed and was anticipating recently came via EUR/CHF, so I'll be looking for the same thing to occur today.
My forecast I've pasted below.
Have a great day and I'll speak to you tomorrow!
NZD/USD:
• If price pushes up above our lower rayline, it does so impulsively and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/USD:
• If price pushes up above our rayline, it does so impulsively and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
NZD/JPY:
• If price pushes up above our upper rayline, it does so impulsively and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
So price looks like it's starting to form some structure after the big moves that we saw earlier in the week which is what I was anticipating and now what I was looking for yesterday morning looks even more appealing to me today and with regards to the pairs which I have on watch today I can see what might be a lot of support and resistance traders getting themselves caught the wrong side of the market which is what they typically do in the majority of cases, something which is typically followed by a big run-off in the other direction as they realise that what they thought was a retest turns out not to be and they bail out of their positions in unison. A prime example of this which comes to mind which I witnessed and was anticipating recently came via EUR/CHF, so I'll be looking for the same thing to occur today.
My forecast I've pasted below.
Have a great day and I'll speak to you tomorrow!
NZD/USD:
• If price pushes up above our lower rayline, it does so impulsively and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
EUR/USD:
• If price pushes up above our rayline, it does so impulsively and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
NZD/JPY:
• If price pushes up above our upper rayline, it does so impulsively and a subsequent tight one hour flag forms, then I'll be looking to get long with either a reduced risk entry on the break of the flag or a risk entry within it.
• If my entry requirements are not met then I will simply wait until another setup which meets my plan materialises.
• If there's any ambiguity then I will not place a trade on this pair.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.