NZDUSD - Long Opportunity On Ascending Channel H1

I expect an opportunity to go long on NZDUSD to form in the near future. As you can see from the trendlines we have a clear ascending channel that price is respecting very nicely. Before we go long we have to establish the following:

1) Wait for price to reach the bottom trendline
2) Determine whether the trendline will hold (ensure we do not have a bearish closure breaking below the trendline)
3) Look for price action confirmation to go long: bullish engulfing candle, bullish hammer, etc

The target will be the upper trendline.

Kommentera:

We are hitting the bottom trendline. Waiting for price action signal to go long now.

Trade stängt: målet nått:

I have taken a long position based on a price action signal on the 15min timeframe. I am targeting the upper trendline, and placing my stop below the previous swing low point at around 0.68995.

Trade stängt: Stopp nått:

Stop reached