NZD Price continues to follow long term downtrend, breaking through strong Weekly support zone and forming lower low.
Current price action is in Pullback phase. As I'm looking for SELL options only, i expect to enter if one of following scenarios appears:
Nr.1: If price continues to climb up and retests previously broken support zone, fails to break it and forms lower highs - lower lows.
Nr.2: If price fails to make higher high and breaks previous low on 4H timeframe, we can consider that pullback phase is over and we can look for selling opportunities.
For more accurate entry i will look at 1H and 15min timeframes.
This is my personal opinion and view of market, trade at your own risk. Use proper risk management and trust the process.
Current price action is in Pullback phase. As I'm looking for SELL options only, i expect to enter if one of following scenarios appears:
Nr.1: If price continues to climb up and retests previously broken support zone, fails to break it and forms lower highs - lower lows.
Nr.2: If price fails to make higher high and breaks previous low on 4H timeframe, we can consider that pullback phase is over and we can look for selling opportunities.
For more accurate entry i will look at 1H and 15min timeframes.
This is my personal opinion and view of market, trade at your own risk. Use proper risk management and trust the process.
