2018Jul04 NZDUSD H4 Double Bottom
NZDUSD has been on a downtrend. There is a double bottom with broken neckline and formation of a new swing high. As such, I am placing a buy limit at 0.67243 which is the 61.8 Fibonacci retracement from the right bottom to the swing high. Stop loss is just below the lower (right) bottom. The take profit target is at the swing high. The trade details are as follows:
Trade Setup: Double Bottom
Price Entry 0.67243
SL 0.66829 | SL pips 41.4
TP1 0.67832 | TP1 pips 58.9
RRR1 1.42
Trade Setup: Double Bottom
Price Entry 0.67243
SL 0.66829 | SL pips 41.4
TP1 0.67832 | TP1 pips 58.9
RRR1 1.42
Order cancelled
This setup is invalidated as price did not retrace to 0.67243 before hitting TP1. (July 5)
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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.