NZDUSD Long(Buy) opportunity, RR 1:1.4, RR 1:1.6
Reasons to enter:
1. We can see that the price is ranging currently in the area of 0.681 ~ 0.785 (yellow box drawn), and it's about to break the box and go bull.
2. Currently, the buying power is still strong as no lower lows are formed at the daily timeframe(TF).
3. There's a daily resistance (green horizontal line) at the price 0.73210, and have been retested about 5x times, and hence, the resistance is weaker, and the price would be aiming for the next resistance area, which is the light blue horizontal box (0.8089), or the weekly resistance (blue horizontal line) at the price 0.7737.
Entry point: @CMP 0.72920, or at 0.74820 (buy stop).
BUY at EP1 : 0.7292
TP 1: 0.7722 (425 pips)
SL 1: 0.6990 (300 pips)
BUY stop at EP 2: 0.7482
TP 2: 0.8089 (600 pips)
SL 2: 0.7098 (384pips)
Do be careful and trade with small lot sizes as the SL is huge =D.
1. We can see that the price is ranging currently in the area of 0.681 ~ 0.785 (yellow box drawn), and it's about to break the box and go bull.
2. Currently, the buying power is still strong as no lower lows are formed at the daily timeframe(TF).
3. There's a daily resistance (green horizontal line) at the price 0.73210, and have been retested about 5x times, and hence, the resistance is weaker, and the price would be aiming for the next resistance area, which is the light blue horizontal box (0.8089), or the weekly resistance (blue horizontal line) at the price 0.7737.
Entry point: @CMP 0.72920, or at 0.74820 (buy stop).
BUY at EP1 : 0.7292
TP 1: 0.7722 (425 pips)
SL 1: 0.6990 (300 pips)
BUY stop at EP 2: 0.7482
TP 2: 0.8089 (600 pips)
SL 2: 0.7098 (384pips)
Do be careful and trade with small lot sizes as the SL is huge =D.
Trade active:
Trade is still active. The buying momentum has reached a limit and now retracing, that will possibly reach 0.7065, but will soon go up and create higher highs! Currently, am holding a trade with -34pips, but will be holding it for it reaches the TP. Do take note that this is a swing trade, would be holding it for days or even weeks. :D Patience is the key!
Comment:
Although at first, there is almost 90+ losing pips at the lowest point of 0.7206, but still that's just a retracement as the buying momentum is pushing even higher! Now it reaches the edge of the yellow box (ranging box), do take note that it might break above the yellow box and continue shoot up to the weekly resistance, as the market just gained power from the retracement and prepared to shoot even higher. Currently having a 150+ pips and close some of the lot size to secure some profits! Enjoy the weekends all =D
Trade active:
At today's candlestick, a high of 0.75455 was reached, closed partially with 250+ pips and left the rest to hit target. Make sure that do set SL to BE and make it a risk free trade.