Hi guys, this time i choose to use this layout so that you can better undestand the thought process behind this opportunity. As you can see on the left (daily chart) in the past weeks price has been consolidating between 1,520 and 1,545. However, last thursday, price has broken to the downside with a big bearish candle followed by another candle closing below...
buy if price pullback to 61.8 level or making right shoulder
EURNZD seems to be trading in a corrective retracement of wave B, after a five wave move to the upside had unfolded in the previous wave A. That said recent fall can be sub-wave C, that may see some limited downside around the lower channel line. That said, a breach above the upper corrective channel line will suggest higher levels to follow.
My basic Daily chart analysis on the EUR.NZD I will be looking to take this pair long into this evening if it meets my rules to do so. I will update this chart on multiple timeframes to give a better insight into what i am watching.
We have already closed our short position for 300+ pips and price form a nice pinbar. The way we look at support and resistance is not your usual textbook method and is working great. What's the next plan ? is to short at the high again about 1.53 zone
hello my friends ... 1.expanded flat pattern formation is about to complete
an idea for start the week...like this i prefer cross pair than trade USD this time. technically on chart is a selling signal...but everything can happens so manage your stop loss ans RR
Eurnzd trading around 1.5145 level its not holding above 1.53 if hold below we can see a drop toward 1.47-1.48 level Advice to sell in range of 1.5140-1.5250 SL 1.5350 tp1 1.49-TP2 1.47
We have the wave analysis and COT bias both align for us in this pair. Once the current correction is complete, we can expect another impulse move higher. Next week trade plan is to look for buy opportunities.
Short position after breakout of trading range to the downside. Stop loss over 20 daily EMA. Target 1.4800 support level. Move stop loss using 20 EMA as the trade develops. 1 : 2.12 risk/reward ratio
very nice looking setup, failed to break clear of 2015 trend line, also a double top. head and shoulders pattern now valid. it has now closed bellow the neckline for 2 consecutive days after failing to close above it today. also has closed bellow the 200 MA which has been holding well. A very nice setup.
at bottom of bull flag after breakout. nice place for longs here.
Horizontal structure and 38.2% line up for a possible short at 1.5219-ish on 4hr
Watch for a break out.. if yes, observe for a break out of the bigger structure if no, can expect one more down to C point and then up
This pair is definitely very bearish. 1.51 should be easily hit.. If it clears 1.51, we could see it sink even lower.