NZD-USD STRUCTURE LONG|TRADING PLAN

The pair has recently broken out of the 5 year diagonal resistance line and is now back to retest it.

The current setup is interesting, as it presets a confluence of powers.

One might notice, that the diagonal support line appears to be broken, however, there is a strong green horizontal support line and there is a general feeling that the retest of the 5 year line will be hold. Thus, our target trade is long, yet it is conditional.

TRADING PLAN:

Setup1:

1-IF the diagonal R1 breaks up while the horizontal support stands>>

2-Wait for pullback

3-Go long

4-The minimum target is R2, the ultimate target is R3.

5-SL below the horizontal support OR below the diagonal support

Setup2:

1- IF the green horizontal support breaks

2-Wait for the diagonal R1 to break up, ABOVE the 5 year line.

3-If the 5 year line is close enough>>

4-Go long.

5-The ultimate target is the current diagonal support line, that will turn into the resistance.

6-SL ideally below the 5 year line.


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Comment:

Target reached!