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EURNZD on downtrend confirmed but reversal imminent? With EURNZD, we have good potential for buys but there seems to be a little backlash if we get into the buy now. Price just broke the key area of 1.70479 and retested that key area on the hourly timeframe. Though looking at the bigger picture, I slapped on a Fibonacci and a strong key area box and we have price reversing towards the high at the 50% fib. This is a good indication of the buy continuation yet the closest key area is already retested. What we'll do is put a BUY STOP position so we can wait for the price to break up past the key area and continue up. Good luck EURNZD BUY STOP start: 1.70542 stop loss: 1.70137 take profit: 1.71868 Want to keep up to date on trades? Join the group Community on Telegram: t.me
Long
by mrleh
Navigating The Market : Trading Plan GBPCHF 3rd September 2019The price didn't fourth-tapped the buy stops yesterday. Equal(ish) intraday highs first formed on the 23rd August, tapped for the second time on the 27h August and tapped for the third time on the 29th. The root of yesterday move was from Friday's high. It went down and almost tested last week's low but it didn't close inside the liquidity pool to warrant me for a bullish trigger. I am generally bearish on the sterling but as we have seen how the price reacted last week, I welcome any level bounces that I could get into until the trend/price expansion occurs, considering the fact that sell orders and buy orders (liquidity pool!) stacking at the upside and the downside. Last week's average weekly range was missed so I expect it will be tested sometime this week, and I anticipate whichever projection the price would make, that would be also this week's high or low (anchor). In between the current range, there are reported retail buy stops at 1.2000-1.18000. When I see buy stops BELOW the current market price, I do not see an opportunity to trade according to the level's breakout but against it. I tend to see it as a place for the big banks/institutional to trap breakout retail traders and get liquidity so they can buy/sell at a better price. Whether it would "respect" the levels (a kinder word for "trap zones") or not, it doesn't matter to me because the levels I am interested at are the liquidity pools coincided with popular breakout levels. When price enters this zone, then I will wait for setups accordingly Actionable : Look for a bullish signal when price close inside the Sell Stops Liquidity Pool below current market price. OR Look for bearish signal when price close insde the Buy Stop Liquidity pool at 1.2100-1.2300 Actionable :
by sufiansaid
1
GBPUSD - 1 HOUR Trade LONG - 5 TO 1 WIN VS RISKHello all - DuncanForex here with another trade idea With GBPUSD cycling higher on the 1 hour chart - although it is against the trend - I am looking to trade it back to resistance. On the 4hour chart it has printed a nice inside bar and the high of that candle as already been broken. I am expecting USD weakness now certainly until month end as we head to the FOMC date. I have places a buy stop just above this area so if it does cycle higher - I will be in. With AUDUSD heading higher overnight as planned, I am looking to add to my positions on correlated USD pairs. thanks for looking at my idea Duncan
Long
by UnknownUnicorn483829
Eur-Nzd Two Stones One Trade news Trade . Hi All , If there's no news tonight from NZD i would have Enter this trade using M1 , However Patient is needed here if we want to get good reward . So let me explain the scenerio here . First price is stuck at H4 resistance , so obviously a slight pullbacks buyers taking profit before news . News at 23:45pm UK time . if positive we should have a red candle down till Support at 1.66619 Where i'm setting my buy Limit with SL 1.66048 . Not selling this pair , as price has rejected the downtrend , So only looking for buy opportunities. If News is Negative I have set my buy stop from 1.68302 sl 1.67989. H1 Support . Hope we catch the pips .
Long
by creamygem
GBPCHF educationalHi traders, I will show you in this analysis how to trade ranging markets before the break out. After a long time of consolidating we will see a break ot, but how we can trade this and how we find the right setup. First draw the triangle an the boarder lines of the range. The border line of the range are the entry points for your stop orders, the opposite range line from your entry point is your stop. Your target on a long trade is the next resistance and on a short trade the next support line. So you must not watch all the time the charts. Risk management is the key to forex. Your Stefan Forex
by StefanForex
1