NZDUSD Potential 2618 Trade

The double top at the top of the chart has in fact finally reversed price as bears took control of the market
The neckline has been broken
Will now wait to see a retest of previous structure levels in the potential reversal zone (green rectangle)
Look at price action for shorting opportunities here
The 618 retracement would be most ideal, but it was a pretty strong impulse move, we might only make it to the 382 neckline/trendline level.

Of course there exists the possibility that this impulse move is not done yet, in which case this entire setup is invalid. The move could be consolidating right now for a small flag, and then continue to push down.

Wait for the perfect moment to place your orders, patience is key.
Happy trading to all.

Yorum:

Idea went well, unfortunately I was not able to get involved. Was looking for a little better risk/reward. Price bounced right off the bottom of the most recent structure resistance.

Had I not been busy on other trades, I would have probably found a way to get involved on this move around the .7380 level retest.

Happy trading!