🎯 Optimized Trade Plan
Entry Zone: Between 0.57351 and 0.57214 (watch for bullish confirmations such as rejection wicks or bullish engulfing candles).
Stop Loss (SL): Below 0.57136, ensuring protection against liquidity grabs.
Take Profit (TP): At 0.58116, which aligns with a strong supply zone and premium pricing.
Risk-Reward Ratio:
Targeting a 1:4+ risk-reward ratio, making this a high-probability trade.
If price rejects before touching 0.57351, a more aggressive entry can be taken at 0.57415, but this increases risk.
Confirmation Checklist Before Entering:
✅ Price reacts to 0.57351 zone with bullish rejection.
✅ Bullish candlestick patterns form (e.g., bullish engulfing, pin bar, or strong wick rejection).
✅ DXY (US Dollar Index) shows signs of weakness, supporting NZD strength.
✅ Volume increases as price enters the demand zone.
Alternative Scenario (If Price Breaks Below 0.57136)
If 0.57136 is broken and structure shifts bearish, the setup is invalidated.
This could indicate a deeper retracement toward 0.57000 or lower before finding buyers.
In this case, a wait-and-see approach is better before re-entering.
📌 Final Thoughts
Primary Bias: Bullish, expecting a dip to equilibrium (~0.57351) before a strong rally.
Alternative Bias: If price breaks 0.57136, re-evaluate for further downside.
Trade Management: If price reacts aggressively, scaling into the position could be a good strategy.
Entry Zone: Between 0.57351 and 0.57214 (watch for bullish confirmations such as rejection wicks or bullish engulfing candles).
Stop Loss (SL): Below 0.57136, ensuring protection against liquidity grabs.
Take Profit (TP): At 0.58116, which aligns with a strong supply zone and premium pricing.
Risk-Reward Ratio:
Targeting a 1:4+ risk-reward ratio, making this a high-probability trade.
If price rejects before touching 0.57351, a more aggressive entry can be taken at 0.57415, but this increases risk.
Confirmation Checklist Before Entering:
✅ Price reacts to 0.57351 zone with bullish rejection.
✅ Bullish candlestick patterns form (e.g., bullish engulfing, pin bar, or strong wick rejection).
✅ DXY (US Dollar Index) shows signs of weakness, supporting NZD strength.
✅ Volume increases as price enters the demand zone.
Alternative Scenario (If Price Breaks Below 0.57136)
If 0.57136 is broken and structure shifts bearish, the setup is invalidated.
This could indicate a deeper retracement toward 0.57000 or lower before finding buyers.
In this case, a wait-and-see approach is better before re-entering.
📌 Final Thoughts
Primary Bias: Bullish, expecting a dip to equilibrium (~0.57351) before a strong rally.
Alternative Bias: If price breaks 0.57136, re-evaluate for further downside.
Trade Management: If price reacts aggressively, scaling into the position could be a good strategy.
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.