According to my analysis in 1hr chart of NZDUSD I can see a break of structure of a downtrend. Also break of a resistance. Now I wait for the market to retest the previous resistance that now act as support. Rejection to the upside from that support confirms my long entry. I personally set my stop loss at 25 pips from entry point and target at 40 pips.. U can vary stops and target according to your strategy. This is only for analysis ..please do double check before entering trade.
eventhough we found break of structure in 1hr ..in 4 hr it is still in down trend so if market breaks the support and goes down ..continuation of downtrend expected.
eventhough we found break of structure in 1hr ..in 4 hr it is still in down trend so if market breaks the support and goes down ..continuation of downtrend expected.
Trade active:
rejection found
Trade closed: target reached