NZDUSD - ABCD pattern completes, bulls coming in

NZDUSD just complete a ABCD pattern on Friday.

Bulls are likely to come in when market opens tomorrow.

Pattern identification

ABCD pattern completes at 0.7.

This is a bullish ABCD pattern where my bias is to go long upon pattern completion.

Trade Execution

This is a buy at the open on Monday.

For conservative traders, you might want to consider going long only when price retests 0.7.

I will keep you guys posted at this is likely gonna be my 1st trade of the week.

I will set my SL at 0.6950 and my TP at 0.73.

This setup will no longer be valid if price breaks below 0.6950 early week.

Commento:

Price has retested 0.7.

A nice pinbar or candlestick reversal here will confirm my buy entry.

Commento:

Just went long at 0.7030.

Commento:

consolidating within this triangle. If it breaks below this triangle, I will cut my longs with a small loss.

Trade chiuso manualmente:

Price broke below triangle pattern. PRZ no longer respected, cutting loss on this.

Closed position at 0.7010. (-20 pips)

Commento:

Why I got out of my long yesterday. Breakdown of PRZ zone consolidation usually means PRZ has failed and it become good S&R for entry.