NZDUSD Long - Trading the Pullback

We currently see a descending channel on the Daily chart with a breakout to the upside. Price is currently pulling back which will allow an opportunity for traders to hop in on the trade. My TP is 300 Pips from current price with a tight SL of 25 Pips.

Looking at the 1HR chart, we see the same descending channel pattern we see in the higher time frame. This only strengthens the probability of price shooting up both in the short term and the long term.

Its important to remember that although these Chart Patterns increase the PROBABILITY of the trade going in our favor, it is also POSSIBLE that the price sinks and hits the bottom tip of the descending channel again at around 0.64792 or below.

Comment:

Price action was expected to shoot up to complete the 1HR Descending channel. I still expect price action to move up though at the moment price seems to have hit a consolidation period between 0.65928 and 0.65677. Looking at the 4HR chart, we see that price action has hit support at the 61% Fib line, which indicates a somewhat strong trend as the pullback is past the 50% Fib retracement.

Again, I still expect this pair to skyrocket within the next couple of weeks.

Trade active:

So after reviewing the charts for the day and setting everything up for the week, I ended up coming across NZDUSD. Price definitely continued to trickle down into the grey zone which created a really nice descending wedge, setting us up for a potential pin-ball type of spike to the upside where we can capture around 150 Pips short-term and 350 Pips long-term. I am Active and in the green for the trade currently on both short and long term positions risking 2% per trade.

Trade active:

Comment:

As you can see in the image above, not only do we have a strong descending channel, but we also have the double bottom on the 4HR chart, but the Daily chart will also reveal a nice descending channel which is where you can take a long term position.