Entered on bearish engulfing candle close on the hourly timeframe, RSI is currently also oversold which indicates there could be more downside to come before continuation upwards. EURNZD is currently in an uptrend, however it is likely we will see price come back down to the upwards trendline on the 4HR TF once we reach the supply zone above, hence why I will not be holding this short for too long as it only appears to be a correction downwards. I am targeting the 200 MA and a previous support/resistance area on smaller timeframes as my take profit.
Trade active
Take profit has been extended to previous demand zone, will close position manually if PA indicates a reversal to the upside.Trade closed manually
Trade closed at around 50 pips profit
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.