NZDUSD might make one leg higher

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
320 2
NZDUSD is moving in what seems like an ending diagonal for a bullish reversal. Nevertheless it moved down relative fast this week so it can as easily break lower once again.

Therefore my plan is relatively simple as always. Price is closing in on a crucial structure zone. We either see a reversal which will provide several impulses and consolidations, in this case I will buy after the impulse-consolidation.

If we however only see another consolidation I will look to sell the break.
Keep in mind FOMC on the agenda later today which might increase volatility .
Trade active:
Comment: This trade is an absolute winner with three positions in a nice profit. I have said it before pips are for marketing purposes. Risk/reward is for traders. Based on my current stop loss:
risk reward for position 1 = 8.5/1
risk reward for position 2 = 5.8/1
risk reward for position 3 = 5.9/1

if we extend higher I will adjust stop loss to an even better risk reward ratio
We can all do the math. Swap is in our favor as well. Keep it simple guys!

Updates will follow!
Nice one, that woul be a corrective 4th, or A of ABC; back to the top..?
I like your call
+1 Reply
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