Hi,
So after a big sell off late last week in this pair EUR has opened strongly and NZD is back to showing weakness - This makes for a fairly straight forward set up;
Higher highs and Higher lows are being created on 4hr
Trend line forming
Price making another attempt at long standing resistance zone
I will adit the RRR isnt as good as I normally try to achieve - so a slightly smaller position size is being used.
If Price starts to show a rejection from the resistance zone then we will take profit and look for the sells
So after a big sell off late last week in this pair EUR has opened strongly and NZD is back to showing weakness - This makes for a fairly straight forward set up;
Higher highs and Higher lows are being created on 4hr
Trend line forming
Price making another attempt at long standing resistance zone
I will adit the RRR isnt as good as I normally try to achieve - so a slightly smaller position size is being used.
If Price starts to show a rejection from the resistance zone then we will take profit and look for the sells
Comment:
Taken another position on this @ 1.80580
Comment:
I have been stopped out - my broker had a hammer candle at 10pm with a huge wick going way down past my stop loss area - this move does not seem to have occurred with the majority of brokers
Comment:
Price is looking nice now which is even more frustrating - it has created a higher low overnight and is now looking likely to create a higher high - may want to take partial profit at 1.8156
Comment:
This is looking likely to be Trade of the week for us!
Area 1 - We got off to a bad start - in all honesty I let the initial long run until SL (-65 pips)
Area 2 - However the 10:00 candle close yesterday signalled the downward move we indicated at the start of the week. Took some profit at 1.78569 and now looking to close the remainder of the position out when price reaches 1.77550 area. SL moved to 1.78855.
Area 3 - We will wait for price rejection of area 2, and try to catch another up to 1.80750 (I have reduced the target from the original image posted as we failed to achieve it as per move 1)
Area 1 - We got off to a bad start - in all honesty I let the initial long run until SL (-65 pips)
Area 2 - However the 10:00 candle close yesterday signalled the downward move we indicated at the start of the week. Took some profit at 1.78569 and now looking to close the remainder of the position out when price reaches 1.77550 area. SL moved to 1.78855.
Area 3 - We will wait for price rejection of area 2, and try to catch another up to 1.80750 (I have reduced the target from the original image posted as we failed to achieve it as per move 1)
Comment:
So on this we are looking at;
Trade 1 = -65 pips
Trade 2 = +125 pips
Trade 3 (still open) = current +167 pips / Target +226 pips / SL +77 pips
Net (assuming trade 3 hits target) = +328 pips
Trade 1 = -65 pips
Trade 2 = +125 pips
Trade 3 (still open) = current +167 pips / Target +226 pips / SL +77 pips
Net (assuming trade 3 hits target) = +328 pips
Comment:
Short has hit tp!
Comment:
Now we are waiting for rejection of area 2 for the move upwards, but just going to sit back and watch, not taking a trade this late on a friday - eye peeled for the movements today / monday