NZDUSD - 15m - Follow up (aggressiv stop)
I posted this channel yesterday i think (look for the related idea below). now we technically broke it on the 2h so im looking for longs. i have one normal setup with a buy above those highs and normal stops, but we are currently also seing a nice consolidation channel on the 5-15m. so i think i its a good spots for an exhibition play to the upside with a smaller position.
entry is the same - break above the consolidation, but the stop tight below the consolidation on the 5 min.
chances are good enough that we will see momentum coming in if we make new highs here, so we might just never come back to the channel.
target would be the 61.8 retracment of the daily downmove at 6670 roughly
15:1 RRR, so this has to work more than 7% of the time for us to make profit. with the gartley on the Daily and the 2 channel breakout i think we can easily get there.
entry is the same - break above the consolidation, but the stop tight below the consolidation on the 5 min.
chances are good enough that we will see momentum coming in if we make new highs here, so we might just never come back to the channel.
target would be the 61.8 retracment of the daily downmove at 6670 roughly
15:1 RRR, so this has to work more than 7% of the time for us to make profit. with the gartley on the Daily and the 2 channel breakout i think we can easily get there.
Note
well this seem to be a short ride. thus far im still in (didnt get stopped out for 1 pip) but i really expected momentum to kick in, which obvsly didnt. guess we are stuck in this area for a little longer, so i probably will get stopped out. the loss doesnt bother me ofc was a small position anyway, but i really liked the setup.
but we will see. after all still in the trade, and the normals positions are filled too. so we will see out it plays out
good night.
Note
consoldiation was broken out off. u can still enter right here if you havent yet. if we see a bit more followthrough on the breakout i will pull my stops up below the consolidation
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.