NZDUSD: Bottom might be in
Looking to go long NZDUSD on a retracement to my buy zone. The trade will be split in three orders. Stops will be directly under the low for one of them, below the red line on the chart, and slightly below the last bar open (factoring in the spread). This is a higher risk trade, but potential rewards make up for the exposure. I will risk 1% on the setup, and scale in with smaller 0.5% risk batches if I get more opportunities.
Since the time at mode downtrend target hasn't been reached, nor the time expired, it might be a long shot, but I feel it's a good opportunity to jump the gun, based on the weekly chart divergent low, and the FOMC induced 4h bar, as well as the levels where price stopped falling at.
If we move above the monthly mode with confidence, this might be the start of a strong uptrend.
Cheers,
Ivan.
Since the time at mode downtrend target hasn't been reached, nor the time expired, it might be a long shot, but I feel it's a good opportunity to jump the gun, based on the weekly chart divergent low, and the FOMC induced 4h bar, as well as the levels where price stopped falling at.
If we move above the monthly mode with confidence, this might be the start of a strong uptrend.
Cheers,
Ivan.
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ivanlabrie.substack.com/
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