NZD/USD Trade setup.
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Price has been on a two month long bearish run. A Consolidation can be spotted between the 9th of January all through to the 24th of January. This consolidation can be considered as the first LH of the spotted trend. Price broke out of the 0.65846 support level, this was a confirmation signal that the consolidation is over and a bearish price continuation would follow suit.
Price has reached the 0.63925 support level and a change in direction is expected for after every rally, price needs to retrace.
The retracement is what we'll be taking advantage of as price completes the second LH. The retracement may be identified as either a consolidation or minor trend which can be viewed properly on the lower timeframe such as the 15 min.
Share your thoughts with me regarding this trade setup.
NZDUSDNZDUSD
Price has reached the 0.63925 support level and a change in direction is expected for after every rally, price needs to retrace.
The retracement is what we'll be taking advantage of as price completes the second LH. The retracement may be identified as either a consolidation or minor trend which can be viewed properly on the lower timeframe such as the 15 min.
Share your thoughts with me regarding this trade setup.
NZDUSDNZDUSDNota
Price has moved in our anticipated direction, with the confirmed move occurring yesterday already but the major impulse occurred during the Asian session with the release of the NZD interest rate decision. This was a missed trade. My entry point was missed but a great trade setup nonetheless.
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