We came to test the key structure at level 0.62250 and rejected it multiple times, we are now seeing signs of a sell off from this region. The previous bearish engulfing daily closure suggests to me that this pair is pointing more for a sell than a buy. I have marked the target levels I am interested in as well as the level that I would consider buys from if...
A great example - we no longer use technical analysis at all - but I spotted this from elsewhere.
Its a great example - that demonstrates our strategy will catch any big move anyway so save yourself the time and subjectivity.
We have no need to draw and analyse our charts - our strategy is already coded and we now execute and follow with confidence and belief...
. There is a possibility of temporary retracement to suggested support line (0.6036). 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 uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
Initially I thought we would see immediate rejection from the key daily supportive level marked but we didn't. I personally believe most retail traders would have been buying at the area using a tight stop loss. Now that banks have come in and driven the price down to SL hunt, they may have now gathered enough liquidity to drive prices higher. I will be waiting...
The first point i will make is screen time. performing TA on a day to day basis can be long, especially if your trading multiple instruments at any one time. You can also fall into the trap of drawing you lines, patterns, shapes ect... on what you want to see and not what is actaully valid! I personally used to trade technical analysis so i know how long it really...
We are looking for another trend line touch, which will also give a triple top on 4hr time frame
RRR of 1:3 is quite possible.
However - if we do reach target within 36hrs we will then be looking for longs based on Unemployment data coming from NZD tomorrow evening (a little speculative - but again, if a tight stoploss is in place it is worth it).
. There is still a possibility of temporary retracement to suggested resistance line (0.618). 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 below the 21-Day WEMA which acts as a...