This trade idea is 80% technical analysis and 20% market sentiment. In this situation, fundamentals are mixed so they don't drive the market for the moment for eurnzd.
Market sentiment:
There is a uptrend forming in H4 and the actual impulsive move may be heading to 1.72000 which is buyers' profit taking zone. I put a sell limit where the buyers put their take-profit orders and their new sell orders.
With this concept, I want the market to touch my purple circle. Even if the market hits the price, if it hits it too late outside of my purple circle, I DO NOT ENTER THE TRADE, IT IS INVALID.
Daily tip:
A good entry is not only a good price. It's a good timing, and there is a whole story behind each entry. If the expected story and timing do not develop, then the whole trading idea is not valid anymore and we move on to the next idea.
Market sentiment:
There is a uptrend forming in H4 and the actual impulsive move may be heading to 1.72000 which is buyers' profit taking zone. I put a sell limit where the buyers put their take-profit orders and their new sell orders.
With this concept, I want the market to touch my purple circle. Even if the market hits the price, if it hits it too late outside of my purple circle, I DO NOT ENTER THE TRADE, IT IS INVALID.
Daily tip:
A good entry is not only a good price. It's a good timing, and there is a whole story behind each entry. If the expected story and timing do not develop, then the whole trading idea is not valid anymore and we move on to the next idea.