Again, very new to all this and still very new to making my own analysis’ - just looking for honest constructive feedback.
Possible long set up on the EURNZD on the daily chart.
Couple of rejections at resistant. Will look for further confirmation on the support before I look to place a trade on this.
Risk/reward is sitting at 3
Let me know what you guys think 👍
Markets are volatile and with the yield curve inversion, uncertainty is heightened in the short-term we can see a lot of down and up swings making it a great opportunity to trade short-term on indices.
I chose CAC as it is less volatile compared to FTSE 100.
This is my first post.. lets see how it goes!
Looking at the EUR/USD we can see that the price is back to a previous level of support.
This implies a surge in price is soon.
Or a fall as a historic level of support suggests.
My prediction that the price will rise back to the previous known resistance level as shown.
But there is the chance that the price falls back down to a previous support level.
We now stopped in the shorter-term channel at the bottom and we have two options. I am in favour of more downtrend.
That is why I setup a second entry as sell stop.
I also have a great position from the top of the channel in a short position. I can collect my profits if the trend reverses and price bounces.
I had a nice opportunity to enter at the reentry into this big bullish channel and currently I am running nice profit.
There are two resistances ahead and some more if we go all the way to the red channel, red upper line is visible in this graph.
I will edit my TPs accordingly to price action.