Short

EURNZD 1h Timeframe H&S .886 Rejection

Updated

One thing I like to pay attention in order to catch the beginnings of swings are .886 Fib rejections. Opening a position from those level give the best RR ratios because all I have to do in place my stops above the 100. If price breaks that level to either make a new high or low I'm no longer interested in that trade for the time being. This trade here is a good example of what I'm talking about.

EURNZD Daily:

Note

Currently in drawdown in this EURNZD trade. On the macro scale (4h and below) price is making higher highs and higher lows. If it fails to break above 1.71500 (the trend's high on the daily) then turn to make lower highs and lows it could be a reversal or at retracement at least. Just have to wait and see when the market opens.

I also want to point out the bearish divergence between price (on the 4 and 1 hour) and the RSI.

Updated chart will be in the comment section.

Note

Reducing the risk by moving Sl down to 1.71553.

Trade closed: stop reached

IsaacLarrell

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