H4 Sellers are in control
H1 Buyers are making 2nd test of resistance
Both are testing top of daily channel resistance.
Entry: 1.04314
Target 1: 1.04132
Target 2: 1.03889
Stop Loss: 1.04476
RR: 2.52
Plan:
1. Fade the buyers on 2nd test and enter
2. If stopped out by spike consider re-entry
3. if price rises, exceeds and holds above 1.04431 abandon idea
4. Take partial profits at 1R on a % basis relative to moementum.
H1 Buyers are making 2nd test of resistance
Both are testing top of daily channel resistance.
Entry: 1.04314
Target 1: 1.04132
Target 2: 1.03889
Stop Loss: 1.04476
RR: 2.52
Plan:
1. Fade the buyers on 2nd test and enter
2. If stopped out by spike consider re-entry
3. if price rises, exceeds and holds above 1.04431 abandon idea
4. Take partial profits at 1R on a % basis relative to moementum.
Trade closed: target reached:
unable to monitor trade so I moved stop to break even and shortened the target to nearest low. spiked to target at nearly 4R overnight.
Comment:
Spike coincided with NZD GDP announcement at 0545