Caught a nice long trade on EURNZD today.
Price returned to an area of the price action (blue rectangle in between support and resistance) at 1.76473. Around this level, we have seen bullish momentum occur and so this is a level to keep an eye on.
Once I received confirmation of rejection at this level (Close bullish 4H candlesticks) I entered a long trade at 1.7681.
As price neared the 200 day EMA I monitored my position closely in case we saw the bullish momentum turn bearish. Often, the price may reach the 20 day EMA and reject.
Price returned to an area of the price action (blue rectangle in between support and resistance) at 1.76473. Around this level, we have seen bullish momentum occur and so this is a level to keep an eye on.
Once I received confirmation of rejection at this level (Close bullish 4H candlesticks) I entered a long trade at 1.7681.
As price neared the 200 day EMA I monitored my position closely in case we saw the bullish momentum turn bearish. Often, the price may reach the 20 day EMA and reject.