EURNZD (not high probability)
【Update】after discussion with fellow friends, we concluded this would not be a risk worth taking for this trade. Hence, we will cancel the entrance dor this trade. Stay tuned!
I mostly do my homework or preparation for the upcoming week on Saturday night, where all my friends from the same group use the same strategy to enter the market. Today, I did not find any high-probability trades for the upcoming week, but a rather lower-probability currency pair is EURNZD.
The rationale for this approach is that the specified pair has experienced a decline since Thursday and has not shown any retracement on Friday. Nevertheless, it has yet to reach the critical support level of 1.822. Therefore, I am establishing “fibonacci retracement levels” from the peak observed on Thursday down to the key support at 1.822. On the upcoming Monday, should the price decline to 1.822, it will activate my Buy Limit pending order, as I aim to secure a retracement of 50 pips, which is approximately 18%.
Should the pending order not be executed on Monday, I shall allow it to expire on that very day. Conversely, if the price continues to decline past 1.822, I will enter the market at 1.802, which represents another support/resistance level.
Let’s see if we can gain some pips next week. Stay tuned.
Disclaimer: This is not a signal recommendation. It’s purely a sharing of my forex trading activity. Please trade at your own risk. I will not be held liable for any act or decision that you make after reading my post.