NZDUSD POTENTIAL SHORT TRADE
Hey everyone hope you are having an amazing weekend so far! I wanted to get on here and make another post for you guys for a potential trade I see for the coming week. I have a super busy weekend so while I have a little time wanted to post on this potential setup! So LETS DIVE IN!
OK so what I am looking at here is NZDUSD. And I am going to keep this breakdown super simple as I literally have 10 minutes before a meeting as I type this lol...but basically what I see here on NZDUSD is a overextended counter-trend trade here on the Kiwi. Last week prices rose significantly & actually breaking lower highs on the daily showing a potential shift in the market. BUT price can't go in one direction forever and usually from what I see after a fresh high is formed and ESPECIALLY when a potential market shift (from bearish to bullish) market happens. There is usually a nice pullback following as "one last attempt" of the previous controlling party. SO What I had seen is price is coming into a nice rally base drop supply zone on the daily and 4H timeframes and could potentially set up a nice pullback counter flow opportunity.
Technically speaking also the 61.8 fib extension lines up within this supply alongside bearish divergence forming between the highs on the 4H timeframe. Building my bias for the timing of a pullback/discount now to the downside.
OK hope this helps in any way please follow and boost this post for more highly accurate analysis and posts! Cheers! God Bless :)
OK so what I am looking at here is NZDUSD. And I am going to keep this breakdown super simple as I literally have 10 minutes before a meeting as I type this lol...but basically what I see here on NZDUSD is a overextended counter-trend trade here on the Kiwi. Last week prices rose significantly & actually breaking lower highs on the daily showing a potential shift in the market. BUT price can't go in one direction forever and usually from what I see after a fresh high is formed and ESPECIALLY when a potential market shift (from bearish to bullish) market happens. There is usually a nice pullback following as "one last attempt" of the previous controlling party. SO What I had seen is price is coming into a nice rally base drop supply zone on the daily and 4H timeframes and could potentially set up a nice pullback counter flow opportunity.
Technically speaking also the 61.8 fib extension lines up within this supply alongside bearish divergence forming between the highs on the 4H timeframe. Building my bias for the timing of a pullback/discount now to the downside.
OK hope this helps in any way please follow and boost this post for more highly accurate analysis and posts! Cheers! God Bless :)
Order cancelled:
NZDUSD reacted pre-mature to entry level...on to the next! Cheers!
The best trading is disciplined trading
The best trading is disciplined trading
Trade active:
NZDUSD ended up actually giving us another opportunity to trade...since it did not truly "break" highs and then came into precision...up over 1:2R on this trade..all stops are at breakeven