Forex EUR/USD Daily Video, November 16, 2021

netbusinessman

Corporal
Messages
74
Hi Sive sir, i got today interesting setup in NZDUSD,

in daily time frame XABCD pattern completed on major fibo 5/8 level, on h4 chart i found W&R pattern but this candle was not powerful, we have also butterfly even i notice bullish divergence,

my question is if reversal W&R candle is not strong closed can we take that entry or we should ignore.
or what should we check other things if we don't want to miss setup but want to trade with more confidence.

NZDUSD D.jpg
NZDUSD H4.jpg
 

Sive Morten

Special Consultant to the FPA
Messages
15,516
Hi Sive sir, i got today interesting setup in NZDUSD,

in daily time frame XABCD pattern completed on major fibo 5/8 level, on h4 chart i found W&R pattern but this candle was not powerful, we have also butterfly even i notice bullish divergence,

my question is if reversal W&R candle is not strong closed can we take that entry or we should ignore.
or what should we check other things if we don't want to miss setup but want to trade with more confidence.
Well, in current situation, the upward bounce could be very small, as reaction is very lazy, but downside action on daily more or less strong. Besides, US dollar positive sentiment dominates right now across the board. So, personally I'm not sure that I would take this trade, at least right now. Butterfly has not reached 1.27 extension. Maybe it makes sense to wait for weekly grabber, at least?
But, this is just MHO, don't want to confuse you ;)
 
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