NZDUSD Long off of Daily Structure

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
71 2 2
a year ago
I will be waiting for a entry reason to get log down at the daily structure level I have been
looking at for the last few days.
a year ago
Comment: +31 pip winner!

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a year ago
Quick Question.

Why would you play a potential double bottom when the higher time frames clearly show a double top consolidation in a long term downtrend?

rozela99 prtrading
a year ago
Good question. We have to remember the movement on the 1hr is so small in comarison to the move on the daily chart. I plotted the structure level of the daily chart. My prediction was we would have some sort of test at that level.
We also had the completion of an AB=CD pattern at that level. Along with Fib extentions at that level. Based off of my trading plan if price would test the daily structure level I would then look for a double bottom as an entry reason to get long. Now if I would have saw the traade set up and I could have gotten at least a 1 risk to a 1.5 reward I could have entered using a market order. Everything I do is based off of my trading plan that I have backtested and have full belief in.

To be a successful Trader we must have a plan with percise rules and be discipline to follow those rules 100% of the time.
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