Greetings traders! Hope everyone is safe and sound.
Let's have a look at chart and prepare for upcoming week.
I still have my short position open from last week, which reached 1:3 RRR so far. Looking forward to short second time as price gave us more confirmation that pullback phase is over and we can continue sell NZD.
So when would I entry??
Well, price...
Good day fellow traders and enthusiasts! This is third analysis and first position open. Please keep in mind that first position i've opened is HALF RISK of usual positions because there is not enough confirmation that pullback is phased out yet, which makes it aggressive entry .
So let's recall from previous posts what exactly we were looking for in price...
In previously shown NZDUSD analysis I wrote about two possibilities to enter Short and patterns I'm looking for.
Let's have a look at current price action.
Price formed higher low in 4h time frame but failed to break previous high. Indicating us that buyers must be loosing power and bears resist.
Remember, we are still waiting for price to break strukture...
NZD Price continues to follow long term downtrend, breaking through strong Weekly support zone and forming lower low.
Current price action is in Pullback phase. As I'm looking for SELL options only, i expect to enter if one of following scenarios appears:
Nr.1: If price continues to climb up and retests previously broken support zone , fails to break...
