NZDUSD - Could be a Long in the Making
Falling wedge looks to be in play + bullish divergence.
Low volume day so keep your hands in your pockets, await for confirmation as price at a good resistance point structurally and on top of TL.
Low volume day so keep your hands in your pockets, await for confirmation as price at a good resistance point structurally and on top of TL.
Trade active:
Entered into a sneaky scalp long at retest of upper TL - likely to hold and convert to primary long position pending PA as it closes in on 0.712 level where there is strong structural & dynamic resistance.
Entered into a sneaky scalp long at retest of upper TL - likely to hold and convert to primary long position pending PA as it closes in on 0.712 level where there is strong structural & dynamic resistance.
Comment:
0.712 smashed and looks like targeting 0.72
Comment:
PA consolidating - usually signals a continuation of most recent moves = downwards in this case. Moved SL to entry and waiting for near term upwards break of 0.71 within consolidation zone which is a signal for upwards continuation where I will unwind half of position and hold remainder.
PA consolidating - usually signals a continuation of most recent moves = downwards in this case. Moved SL to entry and waiting for near term upwards break of 0.71 within consolidation zone which is a signal for upwards continuation where I will unwind half of position and hold remainder.
Trade closed manually:
Taking full profit just short of 0.715 - wait and see
Note possible PA movement for bearish move similar to Wolfe Wave as per red arrows.
Patience