Power Move on EUR/NZD for just over 1%.
Confluences +ve:
Weekly:
-The weekly chart has shown a nice bearish run off resistance.
Daily:
-Rejection of resistance
-Bearish Engulfing Candlestick
4HR:
-Trending below the 50EMA
-LL lows made
-Bearish MACD Divergence
-Head and Shoulders Pattern
1HR:
- Continuous LL and LH
-Breakdown from rising wedge
-Bearish MACD Divergence
-LL followed by retracement back to 38.2 fib and pivot.
-Bearish Engulfing pattern.
NOTE:
This trade was just an extension of the bigger picture. As you can see the bearish run has been building over a few days. I missed the first entry, which I would of taken and ran of taken down to daily support for a possible 5%. I would of scaled in with this day trade.
Confluences +ve:
Weekly:
-The weekly chart has shown a nice bearish run off resistance.
Daily:
-Rejection of resistance
-Bearish Engulfing Candlestick
4HR:
-Trending below the 50EMA
-LL lows made
-Bearish MACD Divergence
-Head and Shoulders Pattern
1HR:
- Continuous LL and LH
-Breakdown from rising wedge
-Bearish MACD Divergence
-LL followed by retracement back to 38.2 fib and pivot.
-Bearish Engulfing pattern.
NOTE:
This trade was just an extension of the bigger picture. As you can see the bearish run has been building over a few days. I missed the first entry, which I would of taken and ran of taken down to daily support for a possible 5%. I would of scaled in with this day trade.