Dear Trading Idea Traders

Last weeks’ trading ideas generated some handsome profits. The last trading idea that I had was NZD/USD. We are already in a profit and shy from the first target of 0.7600. The pair opened with a bullish gap over the weekend and there is no reason to close this trade. I will probably be even looking to enter in a second trade from an intraday basis using my intraday technique. But if we stick with the daily time frame, there is no reason to cover our long trades.
The trading idea for today is coming from the Aussie. With the risk of going against the trend, there are a couple of bearish rejections. They look like pin bar, especially the one that formed on the 2nd of February. The second one has formed just above that support level- confirming the support level of 0.7600. The price has been holding in this area for more than two weeks and I believe that from a market psychology point of view, this is a place where if traders do are not pushing the price to lower lows, it means they are not convinced. At the same time, those rejections are showing bullish  bias.
Therefore, the short-term bias is more bullish than bearish and with those pin bars, we have more reason to try a long trade from those levels. So, my trading idea for today is a long with entry at 0.7750. The stop should be placed just  under 0.7622. The first target is at the level of 0.7900. Then, it comes down to price action to decide whether we should hold the position for longer or take profit.
Happy Trading,
Colibri Trader
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