NZDUSD 4HR TIMEFRAME
Updated
NZDUSD 4HR TIMEFRAME
Market Structure: Bullish
The purple rectangles that are placed are the equal highs/equal lows. I see a lot of liquidity where I placed the purple rectangles. Since it broke previous equal highs, I'm waiting for a retest right back toward the purple rectangle (resistance), then back up towards the green rectangle line which says (NEW TARGET AREA).
The blue line where the green rectangle is placed is my TP.
The buy setup is a 62 pip move.
However, if price reverses toward the downside, I'll wait until it breaks support (bottom purple rectangle), retest, then make an entry.
TP for sells are also placed & marked up. The sells are 83 pip move. If price goes either way, both setups are in place.
REMINDER: Always take profit/partial profit at TP1. Price majority of the time retests that area, goes back to entry, then smash TPS.
Market Structure: Bullish
The purple rectangles that are placed are the equal highs/equal lows. I see a lot of liquidity where I placed the purple rectangles. Since it broke previous equal highs, I'm waiting for a retest right back toward the purple rectangle (resistance), then back up towards the green rectangle line which says (NEW TARGET AREA).
The blue line where the green rectangle is placed is my TP.
The buy setup is a 62 pip move.
However, if price reverses toward the downside, I'll wait until it breaks support (bottom purple rectangle), retest, then make an entry.
TP for sells are also placed & marked up. The sells are 83 pip move. If price goes either way, both setups are in place.
REMINDER: Always take profit/partial profit at TP1. Price majority of the time retests that area, goes back to entry, then smash TPS.
Note
1 more thing to add: I see alot of fakeout candles occuring in the 4HR. Be cautious, and don't get caught in the trap.
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.