EUR/NZD - CLASSIC TREND CONTINUATION (TC) SETUPNot much to say other than we could be looking at the pair to go back up to the 1.7475 level.
Reasons to Buy:
1) Hammer candle on the Weekly TF
2) Double bottom at the retest of the broken structure level
3) Weekly RSI oversold
4) Daily Bullish RSI Divergence
5) D + 3D Bullish Engulfing
Wait for a pullback in the shorter TFs such as the 1H before buying in order to get a better entry point.
Long @ Entry: 1.6750, SL: 1.6650, TP: 1.7475, RR: 7.25
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
