Long
risky long setup
NZDUSD has been in consolidation with not much of movements today. It is in downtrend so in general it should go down when sellers kick, but for now I believe there's still potential room for this pair to go up higher.
I'm setting this up with very tight SL and small lot size considering risky setup requiring higher reward. :)
Considerations: potential continuation pennant formation, with RSI on higher time frames still sitting above 50, indicating there's still strong buying momentum available
SL: 0.69952 HOWEVER this SL is very tight, better to set it at 0.69850 if that suits you better.
TP: fib based on historical high, however better set TP 2 to be within the mini uptrend channel, which is to below 0.70423
GL
I'm setting this up with very tight SL and small lot size considering risky setup requiring higher reward. :)
Considerations: potential continuation pennant formation, with RSI on higher time frames still sitting above 50, indicating there's still strong buying momentum available
SL: 0.69952 HOWEVER this SL is very tight, better to set it at 0.69850 if that suits you better.
TP: fib based on historical high, however better set TP 2 to be within the mini uptrend channel, which is to below 0.70423
GL
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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.