Price has just come off a major support level and is now above the 20 EMA with price just over the 50 EMA. On the 4 hour chart I'd be looking at the first target of 1.31408 and then a second target of 1.31943 giving a 1 to 1 and 1 to 2 R/R ratio.
Come on you bulls (at least for a couple of days)
Good luck everyone.
I've been watching this one for a couple of days, it's made it past previous resistance and support levels from October and July.
20 EMA remains above the 50 EMA and Stochastic would suggest that price is still good to climb. ADX has just started to show the beginning of a trend.
I'm actually already in this trade and have been for a few days.
I saw price hard reached previous resistance and stochastic had crossed at 90 moving down, looking at ADX, there was also no strong trend continuation at this point, so it seemed reasonable that we'd be looking at a reversal.
My plan is to take profits halfway way, move my stop loss and then see...
Price has tested previous market structure around 120.900, if I'm right this could short to previous market lows
I'd be looking at around 450 pips with a really good reward to risk ratio
Good luck everyone
If Stochastic confirms the swing low in the next day or two then we could be in for a nice 150 pip long on NZDUSD. The price has gone above the 50 SMA and the pivots have started to move in an upward direction.
Always happy to hear some else's view on this.
I don't trade GBP pairs because they're so volatile but everything is lining up on this one for a quick 5 day short. Looks like we're bouncing off the 50 SMA and the pivot point, the candle is a nice bearish pin and the Stochastic has crossed, I think there are 120 pips in it.
Big engulfing candle and a double test of the pivot point could be a sign of a reversal and 90 pip trade, i'll leave it for now but this looks like it's a continuation of the downtrend for this pair, i'll wait until stochastic crosses above the 80 to jump in.
Looks like I might have the candle I've been waiting for to push AUDUSD back up to resistance levels, Stochastic has just crossed. ADX is still showing a trend so it might be a day or two early for a trade but the signs look good. I think there's potential for 130 pips.
As always if you have an opinion on this then I'd love to hear it, I'm always keen to learn.
Priced has bounced off the pivot point and then a second bearish candle working with the established downtrend, Stochastic has crossed over above 80. ADX has also started to decline from the short previous up-trend. A 90 pip opportunity over the next couple of days?