NZDUSD has been having a strong Bearish ride on the H4 chart. The price has kept making lower lows. Today’s first two H4 candles were Bearish candles too. The last H4 candle came out as an Engulfing candle. Thus, if we get a breakout towards the downside, then selling the pair would be rewarding. Let us have a look at the H4 NZDUSD chart.
NZDUSD Price Action Analysis – 3rd July 2018
Have a look at the trend. This is a strong sell trend. Thus, we should only look for selling opportunity here. The current candle has been trying to make some correction on the smaller time frame. Since the last H4 candle came out as an Engulfing candle, so an H1 breakout at the level of 0.66845 would take the price towards the level of 0.66365. Let us have a look at the summary of the trade…
- Sell Stop Order: 0.66845
- Stop Loss: 0.67145
- Take Profit: 0.66365
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
As we see on this chart that the trend is very strong Bearish on the H4 and Daily chart. When a chart looks like this, we should not go another way to take an entry. I mean we must not trade against the trend. We might get a good-looking intra-day long entry, but in 70 per cent cases, it would make us have a loss. The trend is trader’s friend. We make sure that we use our friend in our favor. There is no point in going against the trend (especially on the H4 and the Daily chart) and keep losing money.
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