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Breakout and retest

Long
FX:EURNZD   Euro / New Zealand Dollar
After trading in the triangle for some time the market finally broke out and created newer highs:

1. Breakout
2. Retest resistance as support
4. Pin bar signal
5. Fibonacci zone hit with the pin bar reinforcing the signal (confluence)

This type of setup requires the stop to be a few pips below the pin bar candle and the target should be at least 2x that of the risk value.


Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.

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