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arieg1985

Potential Long Position for NZD/USD_Trade Plan 2017.08.03

Lång
Nyzeeländsk dollar/USA-dollar (OANDA:NZDUSD)  
arieg1985  
OANDA:NZDUSD   Nyzeeländsk dollar/USA-dollar
Trend Analysis Chart Patterns NZDUSD LONG tradeplan swingtrade daytrade uptrend
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trendanalysis chartpattern nzdusd long tradeplan swingtrade daytrade uptrend
snapshot

Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level

D1 and H4 are both show the overall trend is still up with price holding above MA200.
However, currently price pull backs from the high for the last 5 days.

Trade Plan:
If price continue pull back to the confluences of support area around 0.73146 - 0.73451 (Daily Support Area, Fibo Ret 61.8%, MA200) and rejected up, long the market to follow the overall uptrend.
With Stop Loss 45 pips and minimum Target Profit 110 pips, the potential trade offers a minimum 2.44 Reward-to-Risk Ratio.
As an alternative, can utilize a trailing stop once price breaks down MA20-MA50 in M15.
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