NZD/USD, NZD/JPY and EUR/USD on watch for me today.
Good morning one and all.
After some big moves this week a lot of the pairs that I trade need a little bit of time to develop new structure in my opinion and experience. That said there are still three which I really like the look of this morning and more importantly that make sense to me. However after studying my Trading Journal more thoroughly this week than I ever have before and after doing more backtesting than I ever have before I've discovered some priceless and very simple little tweaks that I could make to improve my trading results, so I'll be looking to trade the pairs which I have on watch this morning with a tiny bit more caution than I previously would have given that they could easily form new structure before commiting to the upside after the bearish momentum we've seen from them this week.
My forecast as always I've pasted below.
Have a great day and I'll speak to you again tomorrow!
NZD/USD:
• If price pushes down to and ideally just below our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and 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 down to and ideally just below our lower rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and 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 down to and ideally just below our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and 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.
After some big moves this week a lot of the pairs that I trade need a little bit of time to develop new structure in my opinion and experience. That said there are still three which I really like the look of this morning and more importantly that make sense to me. However after studying my Trading Journal more thoroughly this week than I ever have before and after doing more backtesting than I ever have before I've discovered some priceless and very simple little tweaks that I could make to improve my trading results, so I'll be looking to trade the pairs which I have on watch this morning with a tiny bit more caution than I previously would have given that they could easily form new structure before commiting to the upside after the bearish momentum we've seen from them this week.
My forecast as always I've pasted below.
Have a great day and I'll speak to you again tomorrow!
NZD/USD:
• If price pushes down to and ideally just below our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and 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 down to and ideally just below our lower rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and 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 down to and ideally just below our rayline, then regardless of how it does so I'll be waiting for a convincing impulse back up followed by a tight one hour flag and 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.
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.
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.