NZDUSD SELL LIMIT for OANDA:NZDUSD by mmanengelo — TradingView


Weekly Trend : Uptrend but reversal pattern is formed on top in the form of an Evening Star with a Shooting star in between and a nicely formed Engulfing bar as last weeks trend movement
Daily Trend: Double Top formation to indicate start of retracement move, Engulfing bar formation as last candle of the week (on Friday)
4H Trend: Nice downtrend formation, waiting for a retest to the 50% fibonacci level (of the Daily Engulfing bar) to be used as entry and also waiting for the point of confluence at this level as a clear confirmation signal to enter
Entry point : 0.71790 (50% fib level of Daily Engulfing bar)
Stop loss: 0.72490 ( Above the high of the Daily Engulfing bar)
Take profit 1: 0.70150 (38% fib retracement of weekly trend)
Take profit 2: 0.68950 (50% fib retracement of weekly trend)


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