EURNZD Past Trade Idea – 19th May 2017
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EURNZD has been bullish. However, the pace of the trend has been rather sluggish. Nevertheless, the price has kept making higher high on the H4, and on the Daily chart. On the H4 chart, the price has had about 7 corrective candles to find a level of support. As things stand, the level of 1.60270 has become the level of support and the price is heading towards the North to make a breakout to offer us a long entry. Let us have a look at the H4 chart of EURNZD…
As we see that, the level of 1.60270 is actually a flip over support. The pair produced an Engulfing bullish H4 candle right on that level. The price has been going towards the North to make a breakout at 1.61465. If we do see an H4 breakout at 1.61465, then buying EURNZD would get us some green pips.
Let us have a look at the summary of the trade
- Buy Stop Order: 1.61465
- Stop Loss Level: 1.60200
- Take Profit Target: 1.62700
- Validity: 24 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
As we see with EURNZD that the pair has been sluggish even if it has been on a trend. Thus, we need to make sure that we get a momentum breakout on the trade setup that I have shared here. What I mean by this is the breakout candle has to be a good looking bullish H4 candle, which has to breach the breakout level with huge command and must not have a long spike on its head.
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