NZD/CHF: Long on a possible re-test of broken trendline
A possible re-test of the broken trendline might give us a good entry level for a longterm long position.
Especially since we might have confluence of the trendline with a possible S/R zone.
PA is now testing the 200MA which might trigger the re-test possibility. MACD is not conclusive on direction, some histogram divergence might be developing and we are in early stages of overbought condition.
In all truth this is not a high probablility scenario based on oscillator signs, PA might just take off from here!
I'm basing 2 trades on this setup with details as in the chart.
Wide enough SL to give PA some room, below another possible minor S/R zone.
Primary target is a possible upper S/R zone with a partial TP just below the 0.7000 round level.
It's possible to use a much tighter SL on this one, but I like it a bit wider. Not everything is better when it's tight... ;-)
Especially since we might have confluence of the trendline with a possible S/R zone.
PA is now testing the 200MA which might trigger the re-test possibility. MACD is not conclusive on direction, some histogram divergence might be developing and we are in early stages of overbought condition.
In all truth this is not a high probablility scenario based on oscillator signs, PA might just take off from here!
I'm basing 2 trades on this setup with details as in the chart.
Wide enough SL to give PA some room, below another possible minor S/R zone.
Primary target is a possible upper S/R zone with a partial TP just below the 0.7000 round level.
It's possible to use a much tighter SL on this one, but I like it a bit wider. Not everything is better when it's tight... ;-)