NZDUSD Trade Setup
NZDUSD Trade Setup
by: Colibri Trader
Dear Traders,
The trading setup from last time did not act as expected. Crude Oil continued the slide and is currently trading at 46.80. Seems like there were not enough buyers to sustain a rally. I was down about 60-70 pips on a trade I took. Still not a lot compared the the whole move. Currently, it is standing in no-man’s land and I am not thinking of touching it for the time being.
NZDUSD Trade Setup
Today’s trading setup is coming from NZDUSD. I am looking at a potential long entry. The daily candle is a nice bullish engulfing. As you can see form the chart, it is just above the support level at 0.7200. I will be looking for a short retracement and possibly a long trade. My hypothetical stop would be placed just under 0.7200. As a first potential target I am looking at 0.7500. That is where the major resistance is and we will need to see a lot of buyers coming in to turn this one down.
Happy Trading,
Colibri Trader
p.s.
Check out my recent article on How to Trade With the Trend
Or the famous Candlestick Charts article and don’t forget to download the free e-book if you have not done so yet
Hi Colibri,
I like this one for these reasons :
Trend is up
Retrace to a monthly and weekly s level
Pin forming on weekly
R is far away making good R to R
Small SL distance required = small risk
Sympathy play inline with USDAUD
Good spotting
Correction *AUDUSD
This trade probably hit the stop loss , however please take a look at it again, on 31st there is a hammer formation on daily chart .Looks good for a long entry .
Yes, sometimes you got stopped- this is part of the game 🙂 There is a pinbar, but be careful, since we are in a downtrend