NZDUSD - 61.8% Retrace - Bat Pattern - Long 5 to 1 Win vs Risk
Updated
Hello all - DuncanForex here with another trade idea
Following a strong NFP number on Friday, USD headed lower, however at present I am still bearish the dollar overall.
If USD weakens tonight through the FED news, then I will keep this view.
If USD makes new lows on XXX USD Pairs and highs on USD XXX pairs, then I will change my short term fundamental view and trade just price action accordingly.
I entered a few positions with Buy Limit orders on the 61.8% level and with it creating a nice bullish pin bar on the 4 hour chart after , I am confident that this will head higher.
With the Fed news this evening, it may move and retrace to this level and even make some slightly new lows in a Stop Loss hunt (I have my stops out of the way)
However with the Price action, creation of a Bat pattern , 61.8% retrace on the 4hr chart - everything is lining up for a long position with more to take over the coming days as it cycles higher
Thanks for looking
Duncan
Following a strong NFP number on Friday, USD headed lower, however at present I am still bearish the dollar overall.
If USD weakens tonight through the FED news, then I will keep this view.
If USD makes new lows on XXX USD Pairs and highs on USD XXX pairs, then I will change my short term fundamental view and trade just price action accordingly.
I entered a few positions with Buy Limit orders on the 61.8% level and with it creating a nice bullish pin bar on the 4 hour chart after , I am confident that this will head higher.
With the Fed news this evening, it may move and retrace to this level and even make some slightly new lows in a Stop Loss hunt (I have my stops out of the way)
However with the Price action, creation of a Bat pattern , 61.8% retrace on the 4hr chart - everything is lining up for a long position with more to take over the coming days as it cycles higher
Thanks for looking
Duncan
Trade active
Stops moved to entry pointTrade active
Trades active - 1 target hit at 0.6680
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