Hi, I have two questions;
Why you have chosen this specific resistance line as a point of reversal and a point of initiating the new downtrend? above that resistance line, there are other 2 dialy resistance lines, so why you have not chosen one of them?
kev1237033
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@FlyToSky1, hey buddy thanks for your comment.. well the reason is due to the the trend descending line which is also confluent to with the resistance.. also looking at the ZXY index looks like NZD is about to pick up some momentum. another thing too is that with the entry i have my fibs like up with my targets confluent with the 61.8% .
HOWEVER: if price breaks close above that remittance and trend line i will deem this trade as not valid.
PeterHedger3
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I like the look of this, I’m also waiting for a reversal.
kev1237033
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@PeterHedger3, LETS GET IT!!! :) all the best in the coming week
Why you have chosen this specific resistance line as a point of reversal and a point of initiating the new downtrend? above that resistance line, there are other 2 dialy resistance lines, so why you have not chosen one of them?