This is the daily chart of the kiwi.
Either this week or next week, it will come to the bat pattern PRZ zone.
This could mean at least a decent rebound on NZD provided the price reacts to the pattern.
I will be monitoring the volume closely for opportunities to get long on this.
I would want to see a rejection of the PRZ on high vol or a low vol push up after price touches the PRZ.
As this is a daily chart setup, expect bigger than usual SL and TP.
Size your trades properly.
EP 0.6900 - 0.6910
SL 0.6750 (150)
TP 0.73 (400)
Either this week or next week, it will come to the bat pattern PRZ zone.
This could mean at least a decent rebound on NZD provided the price reacts to the pattern.
I will be monitoring the volume closely for opportunities to get long on this.
I would want to see a rejection of the PRZ on high vol or a low vol push up after price touches the PRZ.
As this is a daily chart setup, expect bigger than usual SL and TP.
Size your trades properly.
EP 0.6900 - 0.6910
SL 0.6750 (150)
TP 0.73 (400)
Note
As long as this trendline is not violated, I am not jumping long.
The trend is too strong.
If it wants to reverse, there has to be strong volume coming in to stabalize NZD.
The first sign of strength will be a breakout of this downsloping trendling.
We have time on our side, this is a daily chart setup.
Be patient.
Note
Buying volume seemed to have come in over the past few candles. See the highlight on my chart.
However, selling momentum is still strong, it is unlikely it will bounce up anytime soon.
I will wait for the down-sloping trendline to be broken first, followed by a retracement to the 0.6860 - 0.6890 area to form a base.
Next I hope to see a false breakdown with high volume before I will jump in upon the first wide spread green candle on the hourly chart.
Note
Apologies for the typo, the breakdown can be either extremely high or low volume. The first green candle after the false breakdown move should be high volume rejecting the lows.Note
Patience prevented a loss for me.
This is something I would have bought upon the completion of PRZ.
But through failures I learn.
On to the next trading idea. :)
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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.