I have analysed a potential Double Bottom setup on the NZD/USD 1 Hour chart. I have setup a long position which I will take if the market follows the appropriate setup. The trade has a reward of 16.75% and a risk of 3.03%. Risk reward is 1 : 5.5.
I am newer to trading and am still learning so would appreciate and feedback on this analysis.
Price currently moving up along a trend line that is also the 20EMA and mid Bollinger Band. Reaching a squeeze point between the Daily R1 and 75 Fib and upper Bollinger Band. Expecting price break to the upside to the daily R3 which is also the weekly R2 and psychological 0.9980 (just below 1.00).
Watch for a break of the trendline to the downside...
Hi guys, heres a short set up on UJ.
As you can see, price is respecting the 111.40-111.50 level. This level has held firm in the past as a previous resistance and it is also matching up with my fibonacci reversal level of 78%. Not only have we got these the 2 confirmations, our trendline is matching up nicely with the prospect of a third bounce, which I believe...
As you can see, price has tested 1.84000 multiple times over the past couple of days. We are currently in a consolidation period, with Brexit news incoming the market seems to be preparing for the outcome of those results.
If we can see a clear 4h rejection of 1.8400 we would be looking for some downside for this pair. 1.8400 is also lining up nicely with our...