EURNZD: How to Improve Entry and Exit Levels for Buy Trades

This is the additional post to my previous trading idea for this market. You can read more details in the related ideas below this post.

Just how to get a better entry level using the 1H timeframe, if the daily chart gives us a buy signal?

Let's look at the 1H chart. The price broke the downtrend line and moved upward. We have 2 swing lows, which we can use to draw an upward line.

You can see that the market made a good upward movement and opening long trades now it is not a good idea. We have to wait for a pullback and buy based on a reversal signal from the uptrend line.

Doing this, we can get a better entry price and less stop size.
If we use the 1H timeframe, we can place our stop below the local swing low as well. It will allow us to make risk/reward ratio better.

It is also possible to combine trading ideas from the 1H and daily timeframes and use different entry and exit levels for the same market.