NZDUSD bounced of previously identified resistance, the pitchfork pattern has been developing since August 2015, the bounce coincides with the top of an ichimoku cloud. The trade has not yet shown a buy signal on the point and figure chart which argues against a long position.
Inline with the majority of the evidence I will enter long at the open of the market in the UK. I will open two trades the first will have a target of 90 pips(= ATR for this pair) the second will have an open profit target. Stop loss will be equal to the bottom of the pitchfork pattern.
Two previous weekly trdes have now closed they are
Inline with the majority of the evidence I will enter long at the open of the market in the UK. I will open two trades the first will have a target of 90 pips(= ATR for this pair) the second will have an open profit target. Stop loss will be equal to the bottom of the pitchfork pattern.
Two previous weekly trdes have now closed they are
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Tradeactive
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First half of trade hits target and closed for +89 pips. Second half remains open to capture any further upside.
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Stop loss moved to 0.7050, following the bottom of the channel
