Price has retraced to a strong resistance level 6.18 in a down trend which has been trending since the 5th of March that only got broken by NZ Interest rate results ..A continuation to the down side is still expected
We are in a clear down trend and have a nice pull back to a previously established support level now acting as a resistance level. We are also in between Fibonacci retracement levels of 50% and 61.8% We also have reversal candlesticks forming, clear pin bars. Also at the 50 SMA. All these factors have contributed to us shorting this pair. The stop loss is slightly...
SELL AT FORMER SUPPORT TURNED RESISTANCE.
CONFLUENCE :
50SMA D1
BEARISH PIN BAR D1
BEARISH ENGULFING BAR H4
NOTE:
H4'S 20SMA AND 50SMA ARE SIGNALLING BUY @ 0.7525
CONFLICTING SIGNALS BETWEEN H4 AND D1.
I RESPECT D1 MORE THAN H4 THUS I WOULD PREFER A SELL TRADE.
TREAD CAREFULLY.
The NZD/USD has been in a significant downtrend since July of 2014 as the USD strength continues to rule the FX Market.
We have seen quite a dramatic pullback within the NZD/USD that has now set us up for an excellent selling opportunity to trade back in line with the overall downtrend.
We have 8 factors of confluence on the daily chart that support a bearish...
Simple continuation pattern forming up nicely right now. Also note that the ceiling around 0.7450 is providing a strong resistance, and together with the short-term uptrend line, means that NZDUSD prices will either break upwards (thus continuing the retracement move up), or break downwards (thus starting the next downwards move).
Hence, DO NOT sell now yet,...
price is unusually surging upwards without closing the D1 gap.
h4 also shown bear engulfing pattern.
i really wish to enter now but will wait for better risk reward at 0.7820.
looking to close out half at target 0.77410 and other half at 0.7640.
stop loss above the pin bars @ 0.786. only close out position if h4 successfully closed above those pin bars.
We find confluence of trend line, sma 200 H4 and round number (0.7800). Looking for price confirmation to open the trade. Watch correlation with AUDUSD.
- Kumo Breakout on the weekly
- Falling Wedge on the Weekly /Daily
- Daily , Double Top confirming trend reversal
- Daily Trend line broken
- TK Cross over
- Bearish Divergence
- Falling wedge pattern, lower highs to the downside in confluence with key daily fib level
We're seeing the result of a Bearish Gartley and we're approaching the 0.764 which is an area of short term support. If we can break through that there's a nice risk reward for a small 50 pip move.
Stops above the 0.764
Take Profile near the 1.00
OK I MUST START BY SAYING THAT WHEN A CHART IS POSTED BY ANYONE WITH A PARTICULAR TARGET, IT IS BASED ON THE REVERSAL POINT THAT WAS SET PRIOR. SO IF I SET MY REVERSAL TO 5 ON A SHORT WITH A 61.8 TARGET, AND THE MARKET GOES FURTHER DOWN TO 3, YOU MUST BE SMART ENOUGH TO KNOW THAT YOU MUST ADJUST YOUR RETRACEMENT TOOL TO 3 TO GET A MORE ACCURATE TARGET. IF YOU ARE...
PREVIOUSLY I HAD A STRATEGY TESTING ON THIS PAIR WHERE I WAS ABLE TO PREDICT 4 TARGETS IN THE FUTURE, HOWEVER, MY FIFTH AND FINAL TARGET WAS A BIT DELAYED BY THIS PATTERN THAT IS DEVELOPING. I DON'T FULLY UNDERSTAND HOW TO USE TRADING VIEW AS YET, BUT WHERE THE ARROW STOP IS NOT MY TARGET. MY TARGET IS LOWER, BUT AS USUAL I WON'T USE ANY LIMIT FOR THIS ONE, I...
