Possible Long Setup on NZDCHF
PAIR IN FOCUS: NZDCHF
ACTION: LONG
The overall idea is a counter-trend trade - looking to enter a long position and TP at the trend line which has been broken previously.
Price has broken up of a falling wedge, but still in part of a retracement of a larger bearish wave. Price has tested the 38.2 Fibonacci retracement level and slightly rejected it. The Entry Zone would see a price retrace that will provide a better R:R for this trade.
The Entry Zone, TP Zone and Stop Loss have been indicated on the charting.
ACTION: LONG
The overall idea is a counter-trend trade - looking to enter a long position and TP at the trend line which has been broken previously.
Price has broken up of a falling wedge, but still in part of a retracement of a larger bearish wave. Price has tested the 38.2 Fibonacci retracement level and slightly rejected it. The Entry Zone would see a price retrace that will provide a better R:R for this trade.
The Entry Zone, TP Zone and Stop Loss have been indicated on the charting.
Note
Price barely at the entry zone. Observe further price action for entriesTrade closed: stop reached
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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.