Taking a big picture view of NZDUSD for the week of 04 Nov, 2024
Monthly view – strongly bearish. Note that the PA of Oct recovered almost all the entire bullish gains of the preceding 2 months.
Weekly view - price has been ranging, this range is well defined and we still have room to the downside.
Daily view – The trend is clearly bearish, price well below the 200dma indicating a bearish bias.
H4 view - H4 view – For the most part, the 200sma has been holding price below it. I can see a 2.3R short trade. Stop should be a few pips above the most recent high (0.6000) while target can be a few pips above the recent low (0.5852).
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Weekly view - price has been ranging, this range is well defined and we still have room to the downside.
Daily view – The trend is clearly bearish, price well below the 200dma indicating a bearish bias.
H4 view - H4 view – For the most part, the 200sma has been holding price below it. I can see a 2.3R short trade. Stop should be a few pips above the most recent high (0.6000) while target can be a few pips above the recent low (0.5852).
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Note
H4 view - holding price below 20sma (NOT 200sma). Apologies for the typo.
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