NZDUSD Break & Retest Long
NZDUSD broke out of a descending triangle pattern and has now retested the trendline with a lowtest. Furthermore it has also retested and rejected the 0.5 and the 0.618 fibonacci retracement level. Icing on the cake is the retest of the 50 EMA. With 6 confluence factors this trade is a grade "A" trade in my trading plan, which has a strike rate of roughly 66%. The target is set below the next horizontal resistance level, whereas the stop is put below recent price action.
Trade active
We had a strong bullish day which signals to me that the setup was seen by a lot of eyes. Now comes the patience into play, the stop will stay where it is until further notice.Trade active
Another strong bullish day. Our trade idea was valid and alot of momentum was an our side. I will keep an eye on possible bearish price action, until then I'll let the price action develope itself.Trade closed manually
I just closed the trade as I'm going to enter a position on GBPNZD (as I posted). Because I dont want to expose myself to correlating to heavily, I closed this position for a gain of 1.94%.
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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.