EUR/NZD exhaustion of momentum to the downside — potential false breakout setup

Ming Jong Tey
2 min readNov 5, 2020

In the H4 timeframe, EUR/NZD showed shortening of the thrust tot he downside suggested the down momentum is exhausting. This could potentially set up a false breakout setup should EUR/NZD has a down swing to test the support level at 1.7440. Watch the video below (timestamp starts 3:28) to find out how you can trade the false breakout with reversal setup after seeking confirmation while profiting from the trapped traders below:

Below are the key parameters for EUR/NZD potential long setup for trading session on 5 Nov 2020. Pay attention to the confirmation signal as detailed in the video to ensure the false breakout setup is valid.

Entry: long limit order at 1.7445 (look for confirmation signal for valid entry)

Stop loss: 1.7367

Take profit: 1.7589

EUR/NZD exhaustion of momentum to the downside
Photo by Author — Ming Jong Tey

Resources

Weekly Market Outlook & Best Trading Advice straight to your inbox: https://www.tradeprecise.com/

Professional free Charting platform: Create an account→ www.TradingView.com

Non-US Residents? (Malaysia, Singapore, Australia, New Zealand, Europe, etc…): Click here to get FREE Share (Worth USD100++ & Welcome Gift ON TIGER Brokers when you deposit SGD 2000

US Residents? Click here for a chance to get a FREE Share of AMZN (Worth USD 3000++) & Welcome Gift ON TradeUP when you deposit USD 1500

Access unlimited articles from Medium — Join below: https://priceactiontrading.medium.com/membership

Further Reading

Disclosure: If you click the links in this article and make a purchase or open & deposit the required amount into the recommended broker accounts, we earn a commission at no extra cost to you.

Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.

--

--

Ming Jong Tey

I am a Wyckoff trader who practice kaizen in trading. Get Weekly Market Outlook & Best Trading Advice straight to your inbox: https://www.tradeprecise.com/