NZDUSD just complete a ABCD pattern on Friday.
Bulls are likely to come in when market opens tomorrow.
Pattern identification
ABCD pattern completes at 0.7.
This is a bullish ABCD pattern where my bias is to go long upon pattern completion.
Trade Execution
This is a buy at the open on Monday.
For conservative traders, you might want to consider going long only when price retests 0.7.
I will keep you guys posted at this is likely gonna be my 1st trade of the week.
I will set my SL at 0.6950 and my TP at 0.73.
This setup will no longer be valid if price breaks below 0.6950 early week.
Bulls are likely to come in when market opens tomorrow.
Pattern identification
ABCD pattern completes at 0.7.
This is a bullish ABCD pattern where my bias is to go long upon pattern completion.
Trade Execution
This is a buy at the open on Monday.
For conservative traders, you might want to consider going long only when price retests 0.7.
I will keep you guys posted at this is likely gonna be my 1st trade of the week.
I will set my SL at 0.6950 and my TP at 0.73.
This setup will no longer be valid if price breaks below 0.6950 early week.
Note
Price has retested 0.7.A nice pinbar or candlestick reversal here will confirm my buy entry.
Note
Just went long at 0.7030.Note
consolidating within this triangle. If it breaks below this triangle, I will cut my longs with a small loss.
Trade closed manually
Price broke below triangle pattern. PRZ no longer respected, cutting loss on this. Closed position at 0.7010. (-20 pips)
Note
Why I got out of my long yesterday. Breakdown of PRZ zone consolidation usually means PRZ has failed and it become good S&R for entry.
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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.