Here is another one of my Sunday afternoon (here in NZ) technical analysis that I decided to share with you. Even though I will be entering this trade once the market opens, I will trade this currency pair with even less that 1% of my trading account, there are simply too many indications that indicate that it could go against my trade idea. The main reason for me willing to still enter this trade is that Regression Trend has clearly been broken, but even with the regression trend being broken we are now staring a H4 resistance area in the face.
If the (fairly weak) H4 resistance area could be broken I will have more confidence in this trade idea, it is purely up to you whether you want to enter this trade.
I do consider the H4 resistance area as fairly weak (as indicated on the chart) if this was a strong resistance area this trade idea would have gone to the dustbin.
I have based my TP area on Fibonacci Retracement levels which is always something you can do if you do not know where to place TP's.
Good Luck – Trade Responsible
Use 1% risk per Position!
Always strive to continuously improve your trading strategy and knowledge
If the (fairly weak) H4 resistance area could be broken I will have more confidence in this trade idea, it is purely up to you whether you want to enter this trade.
I do consider the H4 resistance area as fairly weak (as indicated on the chart) if this was a strong resistance area this trade idea would have gone to the dustbin.
I have based my TP area on Fibonacci Retracement levels which is always something you can do if you do not know where to place TP's.
Good Luck – Trade Responsible
Use 1% risk per Position!
Always strive to continuously improve your trading strategy and knowledge