Great PullBack Buy Opportunity
We saw a great pullback buy opportunity today in the NZDUSD market! This was a great scale in for those of you who entered the original trade on 6/10. This is also a great trade if you are just entering the market for the first time. The way I see this, you can profit from this twice. You could have placed your buy limit at 0.65622 which would have been placed at around 1:30 pm EST. With a 10 Pip Stop Loss, you could place a short term buy with a 41 Pip Target. All this action is happening on the 15 Min chart BTW.
Scaling out to the 4HR chart, you can see the long term appeal to this trade and how you can still bank in some nice cash even from entering the market now. Placing a buy limit now at 0.65801, you'll be entering the market and have the opportunity to rack up 100 Pips TP with a 25 Pip SL for a 3.89 R:R.
Of course before placing any order, we must wait and read the market. There is yet another wedge in the Daily chart so more opportunity to make money on this trade is coming. More pullbacks will present themselves and you should be ready to enter the market either to scale in on the larger trades or to place short term trades.
Scaling out to the 4HR chart, you can see the long term appeal to this trade and how you can still bank in some nice cash even from entering the market now. Placing a buy limit now at 0.65801, you'll be entering the market and have the opportunity to rack up 100 Pips TP with a 25 Pip SL for a 3.89 R:R.
Of course before placing any order, we must wait and read the market. There is yet another wedge in the Daily chart so more opportunity to make money on this trade is coming. More pullbacks will present themselves and you should be ready to enter the market either to scale in on the larger trades or to place short term trades.
Trade closed: target reached:
We have hit Target 1! Target 1 had a 180 Pip Target and the market pushed right past it yesterday!
Now I still have 1 more open trade in this market playing on the Weekly Descending wedge. At this point price action is already halfway to completion of the pattern with roughly 190 Pips left to reach the target. We'll be watching this pair further for scale in opportunities.
Now I still have 1 more open trade in this market playing on the Weekly Descending wedge. At this point price action is already halfway to completion of the pattern with roughly 190 Pips left to reach the target. We'll be watching this pair further for scale in opportunities.
