This is my first idea bare with me. All Follows, Comments, Feedback, and Thumbs ups will be very much appreciated.
In my opinion, Focusing on the highest time frame available I've identified NZDUSD has been in a strong Uptrend from a price of 0.39 since fall 00' but it may be time for the downtrend. Major Support and resistance zone between price 0.59 - 0.62 where price is currently. Since 00' there has been 6 major sell rejections and only 1 major buy rejection. Since last major sell rejection volume has been increasing. Recently last months candle closed below the major uptrend line established 00' & with low point in 09'. The close below the uptrend line and with this month making a high to test the uptrend line once again. With this month half way over I think the high of this month is already in or is coming soon. A monthly close above the uptrend line will invalidate this idea
I am preparing for a long term sell at any price between 0.59-0.61
SL: 0.62.5 (Risk 3% - 33%)
entry: 0.59-0.62
TP1: 0.57 (RR ~2.3:1)
TP2: 0.54 (RR ~4.1:1)
TP3: 0.50 (RR ~6.5:1).
Happy Easter.
In my opinion, Focusing on the highest time frame available I've identified NZDUSD has been in a strong Uptrend from a price of 0.39 since fall 00' but it may be time for the downtrend. Major Support and resistance zone between price 0.59 - 0.62 where price is currently. Since 00' there has been 6 major sell rejections and only 1 major buy rejection. Since last major sell rejection volume has been increasing. Recently last months candle closed below the major uptrend line established 00' & with low point in 09'. The close below the uptrend line and with this month making a high to test the uptrend line once again. With this month half way over I think the high of this month is already in or is coming soon. A monthly close above the uptrend line will invalidate this idea
I am preparing for a long term sell at any price between 0.59-0.61
SL: 0.62.5 (Risk 3% - 33%)
entry: 0.59-0.62
TP1: 0.57 (RR ~2.3:1)
TP2: 0.54 (RR ~4.1:1)
TP3: 0.50 (RR ~6.5:1).
Happy Easter.
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Nice rejection from the 2 most recent candles
there is a trade setup including in my picture if you haven't already entered
Nice rejection from the 2 most recent candles
there is a trade setup including in my picture if you haven't already entered
