NZDUSD / m15 scalp
Updated
Based off the momentum and exhaustion shown on the h1 and h4 where it uses the 800ma(h1) and 200ma(h4) as support, along with my pattern trading style where I see the exhaustion shown on the m15 with price outside bollinger bands and extreme TDI, I have entered this trade.
In the bigger picture, on the daily, this looks like a retest of an inverted Head and Shoulders. This could take a few days to actually move up on the daily timeframe IF it finds sufficient buying pressure here.
My trade however is short term and based on m15.
Now let the trade gods smile on my behalf.
In the bigger picture, on the daily, this looks like a retest of an inverted Head and Shoulders. This could take a few days to actually move up on the daily timeframe IF it finds sufficient buying pressure here.
My trade however is short term and based on m15.
Now let the trade gods smile on my behalf.
Trade active
So we see how it went on to touch 200ma and 800ma.Now, it will begin to go up.
I have adjusted my tp from 0.68748 to 0.68790
Trade active
Adjusted my SL to 0.68499The bear momentum is strong at the moment and this is still overall a bullish chart on the daily.
If it hits my stop, I may re-enter on the daily once it has setup a good hidden divergence off the 50ma.
Trade active
It missed my SL by a few pips and now going in my trade direction.Trade closed: stop reached
Stop hit. This will go down to touch the Daily 50ma. I learnt my mistake from this.
Might enter on the daily for a buy IF all things line up for me.
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