As we know, many traders are actively looking out for the great Long opportunity in EURAUD pair as of now; but in my opinion, a Long opportunity in EURNZD could have even more potential; due to the fact that the AUDNZD pair could be in for a longer-term reversal (to the upside) pretty soon (which means...)...
Here EURNZD is a pair which I will only be strictly eyeing for (Long opportunities/signals only).
Other pairs in my "hot-list" currently:
NZDCAD 0.21% (Short)
GBPNZD -0.34% (Long)
GBPUSD 0.06% (Long)
USDMXN 0.49% (Short)
EURMXN 0.39% (Short)
EURNZD -0.44% (Long)
AUDNZD 0.21% (Long)
*For each of the above pairs; I will be looking out strictly either for the Long or Short opportunities only (in the 5mins chart; I will get in once I received a signal & then be ready to secure the trade with BE-SL or TL-SL, & then just let the trade run; if I should get stopped-out; then I will keep on re-entering again & again on-signal-based).
So strictly no Longs for this pair yet; as well as for AUDNZD pair, for now.
When the buy opportunity do come in (hopefully coming Monday), then I will pounce on the opportunity to go Long!
- The most "simple" method will be to use Heiken-Ashi Candlesticks; just lookout for a series of Green-color candlesticks formation (in higher timeframes like the 1hr chart for example) - to have a confirmation for a Long.
- Another method is to use ZigZags (indicator); I personally use a series of custom ZigZags that defines the primary wave & also the secondary waves; so if the primary wave is Up (which will 1st need to be formed by price-action ofcourse), then I can wait for a secondary wave to form Downwards 1st - to Long a Downside pullback/retracement/correction; for the main trade Up (the primary wave direction). The ZigZags (2 sets) must be customized/set correctly, appropriately, & accurately.
- Another option is to use moving average(s) (which must also be set correctly, appropriately, & accurately). I personally use my own custom moving averages (such as the Non Lag Moving Average Version 6) on higher timeframes like the 1hr chart; together with the Heiken Ashi candlesticks if you need to.