Hi TFX friends, back here with new material in the NZDUSD pair. As I have always said, I hope that this material will be very useful for all of you to improve your operations and for learning; I think the cycle of learning new things never ends.
Today we are going to see an entry I made in the NZDUSD pair and basically the whole context in which the entry is given is as follows:
In my macro timing of H1 we can see in the NZDUSD how it is evident that the price direction is upward, to the left of the chart we have no reference of any kind, so I had to go far back to look for very old data being able to find this level which is quite important; a level of H1.
Here in the Micro timeframe (M5), although in the macro TF the price of the NZDUSD is upward, in the micro there is a change and the direction is totally different. We see the horizontal structure and a sell zone of the prevailing sequence, the price shoots strongly and begins to compress a bit doing a clear cleaning and bouncing from the sell zone. I have a confluence of techniques at this point and it is precisely at this moment when I see this cleaning at 0.7065 (Round number) and at the same time structure where I decide to place a demanding limit, the SL was at the top of this candle and I give the operation 1 to 3 candles to reach the next obstacle; where I take out a TP and move the TP2 to zero risk. The second take of benefits was placed here and what we see is how the price is going to pay the entrance and then it is returned, as I have said in other videos; This is the game and the essence of trading: We play, we manage and that the price does what it wants. It could perfectly have happened that from that point the TP2 would fire and take us and that is TOTALLY RANDOM, what we do have is to manage at that point and that the price decides. In this last area of the graph I am out of work due to the next fundamental; I wait for the price to pick up and see if it gives me a second chance.