EURNZD Long Bear Trap

See callout bubbles. It might take a while for this trade to trigger. I'm currently Short EURNZD, so I would love for price to get down here. EUR event risk may speed things up a bit, plus the EUR overall is looking on the weaker side. I believe that buyers are in the highlighted area based upon the strong move away from the area and the location that it is in on the higher time frame.

Let's go trap some bears here!

Always measure your risk and be okay with being wrong ; )

Comment:

As expected, price cut through the two gray colored price levels which is why we didn't take them. We'll need to see significant EUR weakness in order to meet our entry, but I'm pretty confident that if price gets back down to the green highlighted level, we'll get a bounce. We might just get that weakness with today's event risk at 2-2:30p EST.

Always measure your risk and be okay with being wrong ; )

Comment:

Price appears to be forming a downward channel. I'm planning to actually re-engage the short up at around 1.6895 and seek to ride price down to our bear trap.

I'm getting close to my 10 ideas per day, so the EURNZD short setup might not be posted today, but stay tuned!