tommyb35
Long

If you Missed the Breakout, don't worry. Here's your 2nd chance!

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
NzdUsd             finally broke above that resistance level that it had been up against late last week. If you missed the breakout, you now have a chance to hop on with a trend continuation setup. Now price has put in a double bottom at this level w/rsi divergence, so you can use this as an entry. I personally use the 60 min for entries, but my trading time frame is the 240 min chart. Since the 240 is my TTF I will use the ATR from the 240 to set my stops. Here on the chart, I have a 2 ATR stop below the low of the double bottom. Target 1 is a retest of the structure highs and target 2 is a Fibonacci extension of the current impulse leg.
Now a more conservative place to put stops would be below the lows of our impulse. You can do this, and this is the safest way to place stops. I just personally use ATR when entering on double tops and bottoms. I just put out a video, breaking down this trade along with a few other trade ideas that I will be watching this week. So if you are interested here is the link.https://youtu.be/2HsyIn7CO4E
Good luck and Good Trading
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