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We have reached a major daily s/r area where market historically has had steep reversals
This would be a great opportunity to catch the trend reversal
Also we have 2 major monthly downtrend and uptrend lines colliding
Market has respected the monthly downtrend line, soon as it reached we saw a rejection twice
then market fell below the monthly uptrend line, came back up to retest and saw a rejection
We have broke and closed below the 12hr uptrend line
I want to to market go up and test my major 3hr s/r area
Currently we are just waiting for the best entry our chances look good.
NZDUSDNZDUSD Sell Limit: 0.6500 (Best entry takes the most patience) Stop loss: 0.6560 (60 pips risk) Take profit: 0.6275 (225 pips reward) Risk: 1% to 3% of account (recommended) Reward/Risk: 3.75 (225/60)
Sell Stop: 0.6465 (Only when market goes above this price will you be able to execute this order or you can use a sell limit) Stop loss: 0.6560 (95 pips risk) Take profit: 0.6275 (190 pips reward) Risk: 1% to 3% of account (recommended) Reward/Risk: 2.00 (190/95)