According to market structure , a bearish movement is there and steep flag breakout providing a good confirmation of strong sell with a good bearish candle 🙌
From a higher timeframe perspective, this pair has been travelling between a wide range.
When the market creates ranges it also accumulates orders at supply and demand regions.
I believe we may see a scoop below the previous support then a re-entry into the range, as illustrated.
Wait for the retest of the bright blue-green declining trendline on the 1HR chart and enter on success
Looks clean, initial TP will be at the previous swing highs as indicated
Depending on momentum at this point may leave in 30% to try to run higher as the shape height suggests the TP should be nice and high
Stops just below a key SR level, not risking more than...
I took this trade with the team before Christmas and it is now beginning to flourish. You will notice that price bounced from a prior support zone and has now shifted structure, this is a good indicator that bulls could be ready to take over.
We took a short on this forex pair (EURNZD) with the idea that price action could continue the bearish momentum as it has over the last few trading sessions.
RSI is up, Price rejected the 38.2% plenty of time. The middle of the DC is around the resistance too which would indicate that the trend "should" remain bearish.
Good luck!
Great Correlation between GBPNZD and EURNZD!! Price is expected to smash down once IT SUCCESSFULLY managed to break the IMPORTANT TRENDLINE and stay in the mini downwards trendline
Whilst the majority are seeing EURNZD buys because of the inverse head and shoulders pattern that has formed, I still see sells. I will be targeting the previous lows as I think liquidity and orders could reside there. Ideally I want to sell and the go long after the stop loss hunting.
- Dump from supply zone, expected retrace back up
and another dump.
- 1.75859 has acted as a good support level, increasing
the likelihood of price retracing once it closes around
this level.
- Entry set to bottom of the supply zone, with stop loss
just above the supply zone.
- Target will be the last lower lows.
EURNZD - sell now open.
The entry price, SL and multiple TPs are shown on the chart.
Our back testing and money management strategy itself is holding until a reverse signal to ride a big trend, but as you will not see the next signal - manage the trade as you wish should you decide to enter.
What is our strategy?
Our strategy is a trend following strategy,...
Once we see a break of this small level acting as support I believe this trade will flourish to the downside. The Alkaline team entered slightly early yesterday but we are still in the game with great utilization of ATR stop loss placement.
Wishing everyone a great trading day!
COT Data - 51% Short
If we manage to see a break of the small ascending trend line, I will class the small break to the upside from the resistance level as an SL hunt to gather liquidity before a potential strong bearish move to the downside. If we see the break, I will be waiting for a re-test of the trend line or structure followed by rejections before placing my sell...
