After a great daily uptrend that last several weeks, NZDUSD has seen a selloff in response. The selloff initially built a 10 day mode that detached and with today's close has swiftly met the downside price projection. This swift sell-off would call for a quick rally back to the mode from which it detached, but price has cut through a high volume node (level with a high amount of transactions) and is 50 pips away from a low volume node (key level with minimal amount of transactions). While price could play pinball between these two levels for a brief amount of time, RgMov remains in an uptrend on a daily time-frame, with CCI dipping overbought. A great RR setup would be for price to drop a bit lower to the low volume node with either a hammer or doji candle pattern offering a buy at a rally above the lowest high of this selloff.
For more information and insights into managing this position, scaling in, and understanding the logic behind the technical setups contact me via pm. I'm currently apart of a professional skype group that shares trade setups, hosts 2 private webinars per week, and also offers one-on-one tutoring via Skype calls.
For more information and insights into managing this position, scaling in, and understanding the logic behind the technical setups contact me via pm. I'm currently apart of a professional skype group that shares trade setups, hosts 2 private webinars per week, and also offers one-on-one tutoring via Skype calls.
