Hi everyone, publishing my KISS (Keep It Simple Stupid) trend analysis of NZDCHF.
As u tend to use lots of intraday trend analysis i find this setup a bit more clear for everyone to understand.
But back to business,
NZDCHF was trading for the last couple of days in a falling wedge pattern, under 200 EMA on 1H/4H timeframes. With occasional (false)breakouts.
We can clearly see on the different time frames the appearance of some sort of a inverted H&S Pattern which indicates a buy opportunity,
the strategy is to enter the trade on the retest of 1H previous S/R with a bullish engulfing as confirmation on the Daily.
My entry is a bit higher up to catch the trade before a possible turn to the upside, keeping the SL tight in case it would wan't to test lower S/R levels.
Short term target is 1.06988
Long term target is Previous High at 1.08899
Moving SL to lock in Pips according to the market, and after retest of the previous R now as Support.
Legend:
Red - Daily
Orange/Yellow - 8H
Green - 4H
Black - 1H
Any questions or further ideas please don't hesitate to comment!
As u tend to use lots of intraday trend analysis i find this setup a bit more clear for everyone to understand.
But back to business,
NZDCHF was trading for the last couple of days in a falling wedge pattern, under 200 EMA on 1H/4H timeframes. With occasional (false)breakouts.
We can clearly see on the different time frames the appearance of some sort of a inverted H&S Pattern which indicates a buy opportunity,
the strategy is to enter the trade on the retest of 1H previous S/R with a bullish engulfing as confirmation on the Daily.
My entry is a bit higher up to catch the trade before a possible turn to the upside, keeping the SL tight in case it would wan't to test lower S/R levels.
Short term target is 1.06988
Long term target is Previous High at 1.08899
Moving SL to lock in Pips according to the market, and after retest of the previous R now as Support.
Legend:
Red - Daily
Orange/Yellow - 8H
Green - 4H
Black - 1H
Any questions or further ideas please don't hesitate to comment!
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