Now, let's take a look at NzdChf. Price has recently found some strong buying momentum and broke out of an established downtrend channel. We've had a small correction movement to retest the 4H Horizontal Level and now we're showing bullish rejection off of the level. This could be signaling further bullish momentum in the future.
For extra confirmation, I would wait to see how this H4 candle closes in approximately an hour. If it looks like the bullish pressure is upholding, then buy orders aren't a bad idea. But if we begin to get some sellers in the mix, it's very possible that price could make a further correction movement towards the downside before finding enough pressure to send price for a bullish rally.
Be extra cautious of this scenario, because price does look relatively overbought. It's just the price action is telling us that buyers are still in play. I won't be entering this one because I'm already in 3 trades, and this one is rather risky. But if you want to roll the dice, wait an hour atleast.
For extra confirmation, I would wait to see how this H4 candle closes in approximately an hour. If it looks like the bullish pressure is upholding, then buy orders aren't a bad idea. But if we begin to get some sellers in the mix, it's very possible that price could make a further correction movement towards the downside before finding enough pressure to send price for a bullish rally.
Be extra cautious of this scenario, because price does look relatively overbought. It's just the price action is telling us that buyers are still in play. I won't be entering this one because I'm already in 3 trades, and this one is rather risky. But if you want to roll the dice, wait an hour atleast.
