Although the Monthly and Daily are up, there is, imho, a high probability, low risk pullback trade setting up NZD which has been on a Great Bullish run is showing signs of weakeniing, specifically, on the Daily charts of NZDCHF and NZDUSD both finished yesterday with Doji's GBPNZD and EURNZD were both Spinning tops. NZDJPY had a bearish decision candle, although not an engulfing certainly the strongest of all the pairs against NZD. Their has already been a bearish cloud breakout but with a retracement back into the cloud
Trade setup: Entry = 78.14 (the 60 Kejun Sen) Stop = 78.78 (10 pips + 2 for spread above the Senkou A) Risk = 37 pips Profit Target = 76.23 (the Daily Kejun Sen) Reward = 218 pips RRR = 5.8 - 1
Good setup visions and clear trade setups made this very educational. Today's double retest making a swing hi triple top allowed trade to fulfill your observations
Looks like it's testing that locally climactic up bar, supply is decreasing. Rally could develop. I'm waiting for higher low/decreased supply to buy.
AGold54
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@PaulBergin, I still NZD as breaking down, at some point. I thought it might happen yesterday with a good set-up and great RRR, it was worth a shot. However, the ranging price action invalidated the set-up
PaulBergin
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@AGold54, Oooo, supply increasing on the lows. Definitely not bullish at this moment!