NZDUSD (2019, Dec. 09 - Dec. 15)
Monthly:
Overall market is edging lower until it hits the monthly trend line.
Short term the price seems to be rebounding.
Weekly:
After hitting the trend line, the price consolidate for two weeks and start to edge up last week.
Daily:
After waiting the price consolidation referring the daily and 4 hour chart, I went into a trade with risk:ration of 1:2.
The trade is meant to be short term, and will move the stop lost higher instead of setting profit target.
4-Hour:
The price is almost hitting the trend line at the upper limit.
Wait for the breakout before entering long term trade, since the price action is within the triangle consolidation.
Conclusion:
Be aware of timeline that a trade is planned and setup.
Enter and exit the trade based on the plan and time frame.
Happy Trading.
Overall market is edging lower until it hits the monthly trend line.
Short term the price seems to be rebounding.
Weekly:
After hitting the trend line, the price consolidate for two weeks and start to edge up last week.
Daily:
After waiting the price consolidation referring the daily and 4 hour chart, I went into a trade with risk:ration of 1:2.
The trade is meant to be short term, and will move the stop lost higher instead of setting profit target.
4-Hour:
The price is almost hitting the trend line at the upper limit.
Wait for the breakout before entering long term trade, since the price action is within the triangle consolidation.
Conclusion:
Be aware of timeline that a trade is planned and setup.
Enter and exit the trade based on the plan and time frame.
Happy Trading.
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