Analysis
-NZDCHF looking bearish after showing signs of reversal after buyers pushed price up into resistance, wherein sellers stepped in and pushed price down before the daily candle close.
-The price action resulted in a daily candle pinbar setup AT RESISTANCE which is a bearish sign.
-On the 1H time frame, price just broke a bullish trend to the downside.
-There is also bearish RSI divergence on the 1H time frame which further eludes to price possibly reversing to the downside.
Entry, Stops and Targets
-Short Entry: 0.68655
-Stop Loss: 0.69045 (Set stop above the high of the daily reversal candle)
-Take Profit: 0.67953 (Set targets at a minimum of 1.8 times your stop depending on entry)
*Always practice good risk management and know your limit!*
-NZDCHF looking bearish after showing signs of reversal after buyers pushed price up into resistance, wherein sellers stepped in and pushed price down before the daily candle close.
-The price action resulted in a daily candle pinbar setup AT RESISTANCE which is a bearish sign.
-On the 1H time frame, price just broke a bullish trend to the downside.
-There is also bearish RSI divergence on the 1H time frame which further eludes to price possibly reversing to the downside.
Entry, Stops and Targets
-Short Entry: 0.68655
-Stop Loss: 0.69045 (Set stop above the high of the daily reversal candle)
-Take Profit: 0.67953 (Set targets at a minimum of 1.8 times your stop depending on entry)
*Always practice good risk management and know your limit!*
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.
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.