MisterTrader
Long

#EURNZD: Double Bottom Forming

FX:EURNZD   Euro Fx/New Zealand Dollar
125 1 1
After my SHORT position a month ago :
#EURNZD: Short on rejection zone
has been confirmed by the market (Take Profit activated), it's time to look of the opposite direction, price is creating a bullish engulfing pattern that can become the second low of a double bottom in formation.
Divergence on RSI shows also a signal for a LONG at this level.

I'm LONG if monday daily candle close over last week candle, it confirms bullish engulfing pattern, then I will look if it's better to enter on 50%retrace of pattern, or on the close... depending on price action tomorrow.

Cross-pairs Strength analyze : NZD shows weakness my meeting resistance level against JPY and USD. EUR is neural.

Stay tune, and share your ideas and critics, always a pleasure for me to answer.
Cheers

Stop Loss: 1.47691
ENTRY: To be confirmed (around 1.49263)
TP1: 1.51499
TP2: 1.54454
TP3: 1.56718

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Trading rules are :
1. Trades are taken in 1, 2 or 3 units depending the situation.
2. If 90 percent of first target is reached I move stop loss to break-even.
3. If 90 percent of first target is reached without triggering entry I cancel the trade.
4. About targets : this is not an arbitrary approach, because every situation evolves different, targets will be adjusted according how price behave on key levels.
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My 5 tips to keep in mind that will save you from losing :
- Make sure to have enough Momentum on your side
- Use powerful confluences ( BRN             , major S/R, Div             , Trend-lines, Fibos)
- Have enough space to reach 2 Ratio:Reward at least, avoid tricky noise situations
- Good price action (pinbar, inside bar etc..) at bottom/top for a good price
- Enjoy your wins and learn from your losses

Wish you great success !
MisterTrader
2 years ago
Trade closed
Reply
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