MARKET PHASE
NZDUSD
is in a long term downtrend (daily) with a short term corrective structure that has been taking place (4 hour).
AREA OF VALUE
Price continued to break new highs within this corrective structure. Eventually, price reached an area where sellers stepped in, resulting in a buildup of liquidity (buy stops, longs, short stop losses) above the corrective structure swing highs. Price violently moved up to trigger the buy stops (liquidity) to pair against the sell orders needed to take price down. Price has already started it's initial move down, the velocity of the downward move caused a gap in price around 0.60874. Price retraced to this level, triggering our entry and has continued downwards.
TRADE
I will be entering short on
NZDUSD
with the following parameters:
Sell Limit: 0.60874
Stop Loss: 0.61084
Take Profit: 0.60454
NZDUSD
is in a long term downtrend (daily) with a short term corrective structure that has been taking place (4 hour). AREA OF VALUE
Price continued to break new highs within this corrective structure. Eventually, price reached an area where sellers stepped in, resulting in a buildup of liquidity (buy stops, longs, short stop losses) above the corrective structure swing highs. Price violently moved up to trigger the buy stops (liquidity) to pair against the sell orders needed to take price down. Price has already started it's initial move down, the velocity of the downward move caused a gap in price around 0.60874. Price retraced to this level, triggering our entry and has continued downwards.
TRADE
I will be entering short on
NZDUSD
with the following parameters: Sell Limit: 0.60874
Stop Loss: 0.61084
Take Profit: 0.60454
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