NZD-USD STRUCTURE LONG|TRADING PLAN
Updated
The pair has recently broken out of the 5 year diagonal resistance line and is now back to retest it.
The current setup is interesting, as it presets a confluence of powers.
One might notice, that the diagonal support line appears to be broken, however, there is a strong green horizontal support line and there is a general feeling that the retest of the 5 year line will be hold. Thus, our target trade is long, yet it is conditional.
TRADING PLAN:
Setup1:
1-IF the diagonal R1 breaks up while the horizontal support stands>>
2-Wait for pullback
3-Go long
4-The minimum target is R2, the ultimate target is R3.
5-SL below the horizontal support OR below the diagonal support
Setup2:
1- IF the green horizontal support breaks
2-Wait for the diagonal R1 to break up, ABOVE the 5 year line.
3-If the 5 year line is close enough>>
4-Go long.
5-The ultimate target is the current diagonal support line, that will turn into the resistance.
6-SL ideally below the 5 year line.
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Note
Target reached!
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