EURNZD - 25 - 29 Jan Week trade Plan
Updated
EURNZDPrevious Month : Bearish
Previous Week : Bullish
Daily : Bullish
4H : Bullish
Nothing major changed from last week outlook, only a break and close above 1.6980 but EURNZD couldn't create a solid support above to extend the bush to upside.
- With all HTFs (M, W, D) are trending down, Monthly pointing to 1.6670 - Weekly pointing to 1.6770 and Daily currently bouncing from a solid support zone 1.6850/20, still the bias is short any bounce.
- The COT report showing that 70% of institutional positions are Long NZD which is the highest since 3 years compared to 30% Short positions. This is translated on the chart with EURNZD sustaining it's bearish trend and we are seeing support levels broken every week.
- Seasonality showing that EURNZD should be strong during the first 2 weeks of Jan which had happened during the last 2 weeks and the highest to reach this month and weakness should be the theme for the remining of Jan.
- Through trading several Months EURNZD, I prefer to see retracements to any move in order to have a range to trade to target. So i recommend to Short after retracement or break and Resistance formation below broken Support and vise versa for Longs.
- We have important news for NZD on Thursday and Friday.
Note
25 Jan - EURNZD Based on Asia H/L = Short Win +27Based on the session bias:
- Opening 4H Bearish
- Asia session Bearish
- Asia created minor support during the session
- Pre-London created a low below Asia but didn't close below AL
- London opened and retested Asia broken minor support formed and got rejected
- 30m closed below AL but was not that solid to enter after
- Waited a bit till we clear a bit Pre-London to short
- Went in a 6 pip drawdown but worked well after
- SL was above previous resistance formed on 30min
- TP1 set to the previous support on 1H
- TP2 set to support zone high
I don't prefer to trade Mondays, but this Monday the trade setup was good to get with it.
Entry 30m:
Entry 1H:
Trade Analysis:
Note
25 Jan - EURNZD - Daily Recap Note
26 Jan - EURNZD Based on Asia H/L Short = Win +23Based on the session bias:
- Opening 4H Bullish
- Asia session Bullish
- Asia created minor support during the session
- Pre-London created a high above AH and closed 30m above
- London opened and dived down to Asia range creating Res above AH aligned with NYH
- 30m closed below Asia minor Sup created during the session
- Waited a bit till we cleared AL and entered Short
- SL was above previous resistance formed on 30min
- TP1 set to the previous support on 1H
- TP2 set to support zone high
Entry 30m:
TP1 :
Trade Analysis:
Note
EN did it and broken the Support zone .. are we going to see a Res formation below it .. will look for that tomorrow after creating a low today to target tomorrow according to confirmationsNote
26 Jan - EURNZD - Daily Recap Note
27 Jan - EURNZD - Daily RecapNote
29 Jan - EURNZD Based on Asia H/L = Long Win +40Based on the session bias:
- Opening 4H Bullish
- Asia session Bullish
- Asia didn't create any solid support during the session, all candles were bullish
- Europe open created a new high above AH and price started to retrace creating a resistance and went back to Asia Range
- Pre-London open created support and closed above AH
- 30m closed Above AH
- Waited a bit till we clear a bit Pre-London to Long
- SL was below previous support formed on 30min on London Open
- TP1 was 20 pip from entry and moved SL to BE
- TP2 set to Resistance level at 7020
Entry 15m:
Entry 15m details:
Close 50%:
Full Close:
Note
28 Jan - EURNZD - Daily Recap
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