Update On EURNZD Trade

Just to update the EURNZD order which I mentioned in the previous post. So price continued down and did not retrace enough for my entry. The original target has been hit so I've pulled my order. This actually happens very often. I find myself cancelling more than 70% of my orders because some criteria gets broken, but it is how it is. There are more than sufficient opportunities every week. Price is now in a strong D1 demand zone, so surprising as this sounds I'm going to start looking for a setup to go long. The criteria for this would be for a H1 supply zone to be absorbed/engulfed as a sign of bullishness. I'll then buy when price retraces back to the source of engulf. A lot of people will find it hard to buy after such a steep drop, but we should instead love such steep moves because the entire sharp move down is a liquidity gap (at least on the D1) which can be easily filled without trouble. Just look at the prior few steep moves up and down, notice how price subsequently moves from one end to the other quickly and easily? This is because there is no zone in between to stop the move, and we know that price moves from zone to zone. Besides, I'm not taking a blind entry, I'm waiting for a lower time frame supply zone to get engulfed as a sign that the bulls are interested in higher prices. Can it go wrong? Sure it can, but if it works out, I'm potentially entering based on a H1 demand zone with a D1 supply zone as my target. In the best case scenario that my trailing stop is never hit, the RR could be as high as 20:1 or more, depending on the width of the H1 entry demand zone.

EURNZD D1