AUDNZD Long Position Bouncing off both 20 and 50 EMA
Hi everyone,
Just starting out with all of this so thought I would post an entry for some feedback. I took a long entry here on AUDNZD. My reasoning was that price was bouncing off both the 20 and 50 EMA lines on the last candle, which was a low test. In the strategy that I have been learning a low test seems to indicate a long entry, usually supported with price moving down, which it happened to do the day before also.
I am potentially looking to exit at the line above, around the 1.09300 mark as price has reacted to this level in the past.
Any constructive feedback is appreciated.
TIA, Cheers!
Just starting out with all of this so thought I would post an entry for some feedback. I took a long entry here on AUDNZD. My reasoning was that price was bouncing off both the 20 and 50 EMA lines on the last candle, which was a low test. In the strategy that I have been learning a low test seems to indicate a long entry, usually supported with price moving down, which it happened to do the day before also.
I am potentially looking to exit at the line above, around the 1.09300 mark as price has reacted to this level in the past.
Any constructive feedback is appreciated.
TIA, Cheers!