Bullish bias on NZDUSD monthly timeframe
Position: Long
Entry date: 05/24/2024 on daily timefrime.
Risk/reward: 1:2.27
Pros:
1) The quarterly trend is bullish.
2) The monthly timeframe shows a 2-2 Bullish Reversal pattern.
3) The daily timeframe shows a potential 2-1-2 Bullish Reversal pattern that goes along with the weekly timeframe continuity(when the new weekly candle opens on Monday).
Cons:
1) In a week, the monthly timeframe changes, potentially triggering entries but not reaching the TP and then reversing direction at the flip.
2) The first entry was already triggered, so we missed some movement, but it's okay not to be the first in.
3) The weekly timeframe doesn't show a confirmation pattern.
Entry date: 05/24/2024 on daily timefrime.
Risk/reward: 1:2.27
Pros:
1) The quarterly trend is bullish.
2) The monthly timeframe shows a 2-2 Bullish Reversal pattern.
3) The daily timeframe shows a potential 2-1-2 Bullish Reversal pattern that goes along with the weekly timeframe continuity(when the new weekly candle opens on Monday).
Cons:
1) In a week, the monthly timeframe changes, potentially triggering entries but not reaching the TP and then reversing direction at the flip.
2) The first entry was already triggered, so we missed some movement, but it's okay not to be the first in.
3) The weekly timeframe doesn't show a confirmation pattern.