Possible trade idea for AUD/NZD
When we look at the chart we can see that the price is closing into a resistance zone.
What I want to do now is trade here and go short for a small trade. Looking to only risk about 0.5% as this is a great risk reward trade but we can also see that in the past the price did already break this zone and went up. If that does happen now than we can just wait and see to maybe trade another time when we are moving in to the other resistance zone that we can see above this one.
We can see that we have 3 take profit zones. What I would do is just wait and if we have a hit at the first take profit we will move our stop loss level to the entry price.
When we have a hit on take profit 2 than I would move my SL into the profit zone and just let it run into take profit zone 3.
Entry: 1,09064
SL: 1,095
TP1: 1,08151
TP2: 1.07407
TP3: 1,05737
R/R = 7,58
What I want to do now is trade here and go short for a small trade. Looking to only risk about 0.5% as this is a great risk reward trade but we can also see that in the past the price did already break this zone and went up. If that does happen now than we can just wait and see to maybe trade another time when we are moving in to the other resistance zone that we can see above this one.
We can see that we have 3 take profit zones. What I would do is just wait and if we have a hit at the first take profit we will move our stop loss level to the entry price.
When we have a hit on take profit 2 than I would move my SL into the profit zone and just let it run into take profit zone 3.
Entry: 1,09064
SL: 1,095
TP1: 1,08151
TP2: 1.07407
TP3: 1,05737
R/R = 7,58
Trade closed: stop reached