Greetings Fellow Traders,
Just wanted to provided another great trade opportunity on the verge of giving us a great entry. EURNZD has been consolidating for several weeks now...that consolidation has taken shape in a nice channel...in the middle of a steep decline. Structurally this has a Bearish Flag written all over it. Weekly Candle approaching the midpoint in Friday's trading is indicating an almost imminent steep decline for all of next week.
Remember the key to these support and resistance levels is to wait for a confirmed break, and enter on the retest of that level. Old Support becomes the New Resistance.
Pending Sell Stop 1.6300 or Manual Entry on a retest/Sell Limit near 1.6350
Stop Loss: 1.6500
Target Profit: 1.5500
Whether you trade higher time frame swings, or lower time frames these kinds of opportunities offer great trade potential.
Ideal characteristics of this trade are a daily close below the indicated channel. Weekly candle closes near its low. Next week will look for minor bullish pressure to retest the channel bottom and let the sell off begin. The market is it's own beast so the speed at which it moves it up to it.
Please do your own analysis before entering a trade. If you find any of this information useful feel free to comment, "like" or follow.
Just wanted to provided another great trade opportunity on the verge of giving us a great entry. EURNZD has been consolidating for several weeks now...that consolidation has taken shape in a nice channel...in the middle of a steep decline. Structurally this has a Bearish Flag written all over it. Weekly Candle approaching the midpoint in Friday's trading is indicating an almost imminent steep decline for all of next week.
Remember the key to these support and resistance levels is to wait for a confirmed break, and enter on the retest of that level. Old Support becomes the New Resistance.
Pending Sell Stop 1.6300 or Manual Entry on a retest/Sell Limit near 1.6350
Stop Loss: 1.6500
Target Profit: 1.5500
Whether you trade higher time frame swings, or lower time frames these kinds of opportunities offer great trade potential.
Ideal characteristics of this trade are a daily close below the indicated channel. Weekly candle closes near its low. Next week will look for minor bullish pressure to retest the channel bottom and let the sell off begin. The market is it's own beast so the speed at which it moves it up to it.
Please do your own analysis before entering a trade. If you find any of this information useful feel free to comment, "like" or follow.
