Kumowizard
Long

AUDNZD - How to trade it, to have a good risk reward

FX:AUDNZD   Australian Dollar / New Zealand Dollar
68 3 2
As I mentionned in previous post, I am already long AUDNZD             through Long Call options and I also bought some outright. Not much, since the 4 Hrs             Slow Stochastic is a bit overbought and Price has tried to break a relatively thick Kumo on friday. I still think we will first see a pullback to 1,0600 - 1,0610 support level , where as marked we can go for a long entry with excellent 1:4 expected risk/reward ratio. I will certanly add to my longs there. "callout" on the 4 Hrs             chart explaining what is the difference between now, and the previous spike upto the Cloud.
We can not exclude the chance for the immediate break of 1,0650 either, but in this case I would buy only 0,5 units of trading size. Initial target is 1,0800, maybe 1,0850. There I will close half of the position and wait for pullback on the daily chart , and will check for bullish Ichimoku setups again.
As a minimum move stops upto 1,0635.
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AUDNZD is approaching 1,0725-1,0750 resistence, while Slow Stoch is getting into overbought territory. I cut the 3M 1,08 Long Call option here. Maybe also wise to take profit on half of the outright long positions as well, keeping the ballance for the case 1,08 spike happens.
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If you were lucky, the trade could have been triggered at 1,0610 this morning in Asian trading session.
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