AUDNZD - Potential reversal and long entry set up
1W
4H
Bullish candle off strong resistance zone. HOWEVER, there is a high probably that AUDNZD will retest that zone. This is a more aggressive entry point. Because of that, I plan on scaling in. I have a very small long position open and a larger limited order (but still only a partial position) placed at 1.0642. I'll pick my moments until i am fully in. Trade is invalidated with strong bearish price action at or below 1.05-1.04.
Bullish candle off strong resistance zone. HOWEVER, there is a high probably that AUDNZD will retest that zone. This is a more aggressive entry point. Because of that, I plan on scaling in. I have a very small long position open and a larger limited order (but still only a partial position) placed at 1.0642. I'll pick my moments until i am fully in. Trade is invalidated with strong bearish price action at or below 1.05-1.04.
Trade closed manually:
Closed all positions for a small gain.
I'm going to watch for a better long entry opportunity after a reversal, especially if it forms a double bottom. A close below 1.0526 invalidates a long entry (4H or 1D).
I'm going to watch for a better long entry opportunity after a reversal, especially if it forms a double bottom. A close below 1.0526 invalidates a long entry (4H or 1D).
KEEPING SCORE...This was a net neutral trade.