NZDUSD has been in a range on the H4 chart. The price took a big Bullish move then it had a pullback. By looking at the Price action today, it seems that the pair might take a move towards the North again. Let us have a look at the H4 NZDUSD chart.
Have a look at the Bullish move. The price went up to 0.74350 area and then started having a pullback. The first H4 candle today was a strong Bearish candle. However, it did make any breakout since there was an adjustment to start today’s trading day. This means there is a strong possibility that the price might go up to check today’s Resistance. If it does and makes an H1 breakout towards the upside at the level of 0.73730, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.73730
- Stop Loss: 0.73455
- Take Profit: 0.74185
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The Forex market started its trading day with a big adjustment almost on all the pairs. This is bad for price action traders. It creates confusion among the traders about the breakout, Stop loss and Take profit levels. This leads the market to have less liquidity as well. Thus, we have to be very sure about the strength of the trend that makes the breakout on this setup. I assume if we get too good looking H1 candles make the breakout from the Stop loss level, then this setup would work nicely.
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