. There is still a possibility of temporary retracement to suggested resistance line (0.612). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. NZDCHF is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic...
NZDCHF is testing the pennant resistance.
RSI printed a bearish divergence signal on 4H timeframe.
Bearish pin bar ( shooting star ) formed on daily timeframe.
The market is printing a rising wedge pattern.
Sell entry - price breakdown below wedge support + previous swing low ⬇️.
We have encountered a break of the falling wedge but more importantly, we are seeing signs of a structure shift on the 4-hour time frame. I will be waiting patiently for the price to pullback into the key zone marked and show signs of rejection before considering my long position. This looks like a fantastic setup to take advantage of today.
COT Data - 49% Long
I am waiting patiently for my ATR levels to be broken so I can look for potential sells from the retest of structure, this could be a great trade to start the week off. We will see a lack of volume in the markets today due to the US Holiday but fingers crossed this still goes in the desired direction.
According to COT data source - 60.2% short
NZDCHF- sell position now valid.
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...