AfroTrades $idea - Long on NZD/USD (1HR chart)
Our algorithmic strategy suggests a retracement on NZD/USD before a bigger bearish move. We are hesitant to open that position with the PCI announcement tomorrow. It might not be the CPI but still, we have the feeling that anything above the expected 0.2%, could be the excuse the Dollar needs to start climbing again. We thought it wasn't worth the risk and will "pass" on that trade.
However, since our strategy suggests a retracement before the fall, we'll try and take advantage of that. We'll set a Buy Stop Order at 0.6249 with a SL at 0.6236 and a TP just before the nearest Daily Fib Lev. at 0.6276. This way, our order will only be triggered if price does retrace passed the first Hourly Fib Lev. and further to our order price. Otherwise, no trade will be taken.
As always, we have filtered this signal through an MA10, William's %range and the Volatility Ratio.
Hope this helps but it's NOT financial advice.
AT
However, since our strategy suggests a retracement before the fall, we'll try and take advantage of that. We'll set a Buy Stop Order at 0.6249 with a SL at 0.6236 and a TP just before the nearest Daily Fib Lev. at 0.6276. This way, our order will only be triggered if price does retrace passed the first Hourly Fib Lev. and further to our order price. Otherwise, no trade will be taken.
As always, we have filtered this signal through an MA10, William's %range and the Volatility Ratio.
Hope this helps but it's NOT financial advice.
AT
Trade closed: target reached