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CHFNZD Trading Setup

Posted on Jun 19th, 2017

by colibritrader

CHFNZD Trading Setup

by: Colibri Trader

Dear traders,

Today has been a slow day. Typical for Monday and even more typical for the summer months. The DAX (Germany30) trading setup from last week is going against our analysis. It is still under the potential SL area. It is important to see where it will open today. For now, it seems like it might break out these levels and reach out for the next resistance area. I was short (and still am) and intend to keep my positions as they are until I have a firmer confirmation of a break.

CHFNZD Trading Setup

Today, my attention was grabbed by a non-conventional pair- CHFNZD. It seems like it has just re-bounced from a major support level as can be seen from the screenshot. The daily candle is a bearish rejection- pinbar-like. It seems like a new bullish wave is about to form. I will be closely monitoring this pair for a retracement towards 1.4135 and a possible long entry. Stop-loss would be placed just under 1.4060. A good level for profit taking is 1.4280. Depending on price action, this pair may rise all the way up to 1.4900 (if market conditions are favourable).

Happy Trading,

Colibri Trader

p.s.

Check out the following popular article on the 4 Levels of Trading Experience

Also, do you remember this fundamental article on Support&Resistance

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