The808Trader

EUR/NZD - Ichimoku Daily Drawback Setup

Long
FX:EURNZD   Euro / New Zealand Dollar
You can see the play from last week to the left of this setup. It went really well for us and I announced in the members area where I was getting out of most of the position. We were able to snag 100 pips or so and I'm looking for an even bigger drawback based on the daily chart, looking here on the 4 hour for entry. I've drawn out the first major level of resistance on the daily, but we may be able to expand far past that depending on if we see a rejection there or not. We do have the bullish kumo twist and I'm looking for a bullish kumo breakout to help confirm an entry. Remember that this setup is a drawback based on the daily, being such is inherently higher risk. Since it is higher risk, I'll be taking 2% risk on this position should a good entry present it self. If we fail to breakout bullishly or form new higher highs and lows, this setup may become invalidated.

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