EURNZD Buy Limit AnalysisHey Traders,
I was doing my setups for this coming week, and I figured I would share this with you all.
I will be placing a buy limit when markets open if this still looks positive. This analysis is based on Price Action, TDI indicator, and Volume.
Information:
Order type-Buy Limit
Entry-1.83764
Take Profit-1.99331
Stop Loss-1.82729
R/R-1:15
On the 4h chart, we see a bullish pennant forming. This is one of my favorite patterns to trade as it allows me to get my stop loss as tight as possible. We also see a support level outlined in the neon purple that price has been respecting. Combined with the bullish pennant, it signals to me a move to the upward is next.
Looking at my TDI indicator, I see a clear buy signal as the slow-moving ma is just now crossing over. What makes it a very strong signal is the fact that the crossover occurred below the 50 level, which indicates that a powerful move upward is coming. When a crossover occurs higher, it usually indicates a signal of less strength, according to my backtesting.
Looking at my Volume Accumulation Percentage Indicator by Lazybear, I see that the bearish selling power is subsiding and that the bulls are gaining strength. I use this indicator primarily as a confirmation indicator to my TDI, which leads to fewer fakeouts.
Use this as a trade idea only and trade off your analysis.
Let me know what you think in the comments and leave alike.
If you have any questions, ask below, and I will get back to you!
C.D.
