ShirokiHeishi
Long

Smooth consolidation above the Kumo

OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
It has been awhile. I took the last 6 months or so off for some introspective analysis. Here we go:
There is a lot going on in the chart, of which I tried to note, so please take a moment to read them;
The Kiwi has been in a bullish trend above the Kumo for some time now, and it was inevitable that a retracement would be in order. This pullback has found support above the Kumo at the flat Kijun-sen. Evidenced by the two fractals supporting this claim, I will use this as a base for my stop losses. Using RSI as a confirmatory indicator we find a positive reversal occurring here in the oversold (for bullish trends), which will be confirmed with a RSI close above 52.5201.
I suspect 0.72758 will be a sufficient trigger above the trend line , I aim to take this pullback long above the orange trend line demarking the pullback, with a secondary entry possible above the last bullish fractal .
The potential target, noted on the chart is the result of various methodologies that I have come to trust, yielding a reward to risk ratio of 3:1 or better.
This trade is not valid should the price either break the bearish fractals or enter the Kumo, as that would indicate a different form of entry or trade idea.
As always, trade responsibly. I am not responsible for losses nor gains based on this idea, as it is just that, an idea. This does not constitute any form of recommendation.

Warm regards,
Shiroki
Order cancelled: This moved against the potential, therefor it is no longer a valid. Trade the plan!
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