Long Trade Idea+3 timeframe analysis on NZDUSD by ThinkingAntsOk
Use this as an Idea to develop your own setup
Main Items we observe on the 4hs chart:
a)Price is against a major support zone composed by a daily ascending trendline + Previous Market bottoms
b)On the mentioned zone we can observe reversal signals, like the candlestick patterns on that area.
c)Our trade Idea to catch the reversal movement is to wait for the breakout of the current descending channel
d)If that happens we will wait for a corrective structure against the broken descending trendline and we will trade the breakout of that structure
e)On the chart, we have set-theoretical ENTRY/STOP and TAKE PROFIT, you can use them as a guide if you are thinking on taking trades on NZDUSD
f)On MACD we can observe a bullish divergence that supports the long thesis
Daily Chart:
Weekly Chart:
Main Items we observe on the 4hs chart:
a)Price is against a major support zone composed by a daily ascending trendline + Previous Market bottoms
b)On the mentioned zone we can observe reversal signals, like the candlestick patterns on that area.
c)Our trade Idea to catch the reversal movement is to wait for the breakout of the current descending channel
d)If that happens we will wait for a corrective structure against the broken descending trendline and we will trade the breakout of that structure
e)On the chart, we have set-theoretical ENTRY/STOP and TAKE PROFIT, you can use them as a guide if you are thinking on taking trades on NZDUSD
f)On MACD we can observe a bullish divergence that supports the long thesis
Daily Chart:
Weekly Chart: