19MAY UPDATE: SHORT TERM BEARISH BIAS. READ COMMENTS SECTION BELOW FOR UPDATE.
NOTICED I DID NOT POST A EURNZD IDEA. HERE IT IS. PRICE CLOSED 2 PIPS ABOVE 1.5300 LAST WEEK. HIGHEST IT REACHED FEB 16 2015. THE FACT IT CLOSED 2 PIPS ABOVE MAJOR RESISTANCE AND PREVIOUS W1 PIN BAR SIGNIFIES IT WANTS TO CONTINUE UPWARDS. TODAY IT GAPPED UP DUE TO NZD WEAKNESS.
ONLY DOWNSIDE IS HIGH RSI VALUE. LOOK TO BUY AT RETRACEMENT. PREFERABLY 1.5300 OR EVEN LOWER. I HAVE DOUBT IT CAN CLOSE BELOW 1.5300 ON THE D1. BUT WHO KNOWS? I MAY BE SO WRONG. BUT ANYWAYS. OUTLOOK IS BUY ON THIS PAIR THIS WEEK.
ON H1, PRICE HAS FORMED INVERTED H&S AND HAS BROKE UPSIDE OF THAT PATTERN. CONFIRMING BULLISH NOTION. SEE H1 FOR INVERTED H&S
Comments
PriceActionTrading
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See how far this pair can go for those in it, before it turns for the upside.
Im 200 pips in and counting.
PriceActionTrading
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UPDATE AGAIN.
Exited my trade in full. Always do not be too greedy.
Casey_Yeo
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nice. you are on a roll mate.
PriceActionTrading
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I had more time last weekend and this week :) laid down my plans and trendlines and trade them accordingly :)
Casey_Yeo
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Great! There you go. You have found yourself a great routine to follow now. :)
PriceActionTrading
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H4
FAILED TO CLOSE BELOW TRENDLINE SUPPORT.
THOSE STILL HOLDING SHOULD RECONSIDER BETTER OPTIONS.
SIMILAR TO EURJPY FAILED TO CLOSE BELOW SUPPORT TRENDLINE.
PriceActionTrading
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UPDATE:
SHORT TERM BEARISH BIAS HAS FORMED.
D1 REJECTION OFF 200SMA WITH 100 PIPS BEARISH CANDLE CLOSING AT ITS LOW.
POSSIBLE SHORT ENTRY IF SUPPORT LINE IS BROKEN
D1
H4
I have actually opened a small short @ 1.5349 for good RR.
This is countertrend, overall it is still bullish i am still looking to long this pair eventually.
Trade with caution.
Best regards,
Im 200 pips in and counting.