One thing I like to pay attention in order to catch the beginnings of swings are .886 Fib rejections. Opening a position from those level give the best RR ratios because all I have to do in place my stops above the 100. If price breaks that level to either make a new high or low I'm no longer interested in that trade for the time being. This trade here is a good example of what I'm talking about.
EURNZD Daily:
EURNZD Daily:
Comment:
Reducing the risk by moving Sl down to 1.71553.
Trade closed: stop reached
I also want to point out the bearish divergence between price (on the 4 and 1 hour) and the RSI.
Updated chart will be in the comment section.