Hi Wise Traders,
NZDUSD is forming a very sell setup. Watch for an aggressive breakdown to enter.
Yes, You want to trust your system and be confident about it to take this trade.
Hope you have the courage for it.
NZDUSD BULLISH run since the start of the week may possibly come to an end as it hits DailyR1 resistance and the well-defined trend line from mid April.
RSI readings are not overbought so the BULLS may be able to push higher but they will be coming increasingly BEARISH pressure from SELLERS.
If we have some candles closing under the 5m 200 sma I'll get SHORT on...
My in-house indicator (Disciplindicator) is flagging this as a 3 star SELL trade. Price is at WR1 pivot which sits at a band of resistance. The last 2 candles have been a shooting star and a spinning top doji so all the signs are we could go lower from here. Nice 16 pip STOP above the recent high.
Target is provisionally .6000 but this will be re-assessed should...