NZDUSD in overbought conditions on weekly and daily. Expecting a reversal shortly with a daily bear candlestick formation as confirmation to enter sell.
Conditions to enter:
1. Bear Candle below downwards channel
2. For current entries use current stop loss and reenter when we have a bear candle back in channel.
Indicators:
1. NZDUSD main directing is still bearish in a downward channel.
2. Current double top retesting past resistance.
3. Stochastic RSI overbought, will correct itself to follow technicals.
TP 1 @ prior support area
TP 2 @ next support area
Technicals will indicate where we go.
Good luck trading!
Charles V
CVFX Management
Trading kept simple.
Conditions to enter:
1. Bear Candle below downwards channel
2. For current entries use current stop loss and reenter when we have a bear candle back in channel.
Indicators:
1. NZDUSD main directing is still bearish in a downward channel.
2. Current double top retesting past resistance.
3. Stochastic RSI overbought, will correct itself to follow technicals.
TP 1 @ prior support area
TP 2 @ next support area
Technicals will indicate where we go.
Good luck trading!
Charles V
CVFX Management
Trading kept simple.
Comment:
As of the start of this new week this trade still holds. Bulls are getting exhausted and bias is still sell as this is extremely overbought. Again, condition to enter trade is a strong bear candle below the weekly channel.