Outlining and planning for the possibilities and probabIlities this week in an effort to catch rewarding trades and make the most out of the markets.
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This descending channel on NZDCHF seems to be getting respected, we will be trading withing the channel utilizing structure until we get a confirmed breakout.
According to COT Data Source - 62% are long
Main items we can see on the chart:
a) The price is inside a Macro Correction
b) Currently, the price is on the lower trendline of the correction
c) We can draw a descending trendline of the last movement
d) If the price breaks above our green arrow, we expect a bullish movement towards the higher trendline of the macro structure
After a major breakout of the descending daily trendline, NZDCHF is now approaching to retest it on a pullback in confluence to our 0.5 fib retracement and a small area of previous support where we can consider opening our long positions from.
Hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied.
Welcome to the Day Trading Setup (NZDUSD)!
This is my personal view of price action
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4 four hours
Tendency to rise
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Forex Swing
Buy NZDUSD
Entry Level @ 0.65512
SL @ 0.65204
TP @ 0.66905
(Remember to add a few points for all levels - different brokers!)
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NZD/CHF price has been within a respected descending weekly trend channel since 2017. Price did break out of this channel back in March as a result of the coronavirus pandemic, however, re-entered forming an ascending daily trend channel. Price did not retest the upper boundary of the weekly channel as price ran into resistance before that at 0.62 (the lows from...
This is NCHF on the 4 hour. We could be seeing a reversal on this pair. Using parallel lines (which this pair tends to respond well to) we can make a case for NCHF being in a key value area. Before jumping in, we will need to wait for the market to give us clear confirmation. I would be looking to get involved at a clear rejection from the 4 hour, or if we see a...
