NZDUSD: Great Risk/Reward Buy Setup

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
836 4 21
Price has retraced and been rejected at the lower parallel of an upsloping median line , and it's now testing it once again. Most likely we will have the beginning of a correction after the sharp impulsive down move and going long at current level is a nice idea. Sl and tp as shown at the chart
Why bet against US Dollar now?
Fxprotrader silmaril
@silmaril, Beacuse there was a short term buy setup with great risk/reward ratio
silmaril Fxprotrader
I see. Would you still buy cheaper after reaching stop loss, or wait for another setup?
Fxprotrader silmaril
@silmaril, Most definately i will wait for another setup.. I will redraw my median line based on market structure and i will wait for a pullback to the lower parallel..
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