Note: My charts are usually very messy, so I've re-done it and removed a lot of unnecessary indicators etc so you get the overall idea.
1D chart shows a nice clean uptrend on the EURNZD consisting of HL and HH, 4H chart confirms the last candle closed on the EMA200 line, which is also the lower channel of the uptrend (conservative entry would be waiting for a bullish 4H candle). The 1H chart also shows a bullish hammer is completed.
Please do your own analysis, this is just my opinion of a possible trade entry I am considering.
1.57690 is a major support=resistance which is the exact position price was rejected and formed hammer pattern in 1H chart. However, we are still below 1.5800 which is also another major support=resistance - one could say, this is a support/resistance channel which we must break above to confirm continuation of bullish movement.
Please share your views and opinions below :)
Trade active
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Forgot to activate this trade on here but anyway... it looks like the Head & Shoulders pattern on the 1D chart may overcome our bullish outlook.
If you have not already placed a trade, please do not enter a long unless you see price break + close above 1.58384 for re-assurance.
If price comes back to the major resistance at 1.57690 and is rejected, we will consider closing this position and re-evaluate the Head & Shoulder pattern that is forming.
Comment
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If this does not turn around for us soon, I will consider closing the trade in favour of a H&S pattern which has formed on the daily chart.
Trade closed manually
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Our H&S Long position has been triggered and I am closing this position ahead of stop loss to reserve equity.