Daily Time Frame
NZDUSD is on a heavy long term downtrend but recently broken above July 10, 2015 highs. I believe that the pair is still going up around 0.697 area shown in the image above as it is the 50% retracement of the April 29, 2015 highs and retest the long term trend line.
With the current consolidation, I am looking for long entry near the support hoping to get a good risk to reward but only for a short term trade as this is very bearish on the long term.
4HR Time Frame
Looking at the 4hr time frame, I was able to enter a long entry at 0.67207. Stop loss is at 0.66807 and the Take Profit level is only at the short term resistance at 0.68007. This will ensure a good risk to reward ratio which would be 1:2. I am risking 40 pips with a potential gain of 80 pips. This trade is perfect for the current price consolidation.
We will be eyeing on this pair as it hopefully approach the 50% retracement and look for a long term selling opportunity. As for now, this long entry will be good enough.
I will be updating all of my trades in here. Hopefully I will give a great analysis on every trade I make so that more people may understand technical analysis and hopefully profit personally along the way.
Good luck in trading guys! :)
NZDUSD Long Trade:
Entry: 0.67207
SL: 0.66807
TP: 0.68007
No comments:
Post a Comment