Acc risk: 0.75%
Long: 0.7218
Stop: 0.7185 (33 pips)
Target: 0.7279 (4h50, 61 pips, 2x RR)
Mindset: Liked the set up, but can see things wrong with it now.
Updates
Changed my target – 25 Aug
4h100 target hit – 29 Aug
Nice double divergence on the 4h chart and a confirmation on the 1h divergence. I think this might still go a little lower, d100 and w50 nearby. Might have made a mistake here. The higher timeframes look bullish but price could head lower first. The divergence on the 4h timeframe coincides with a 4h500.
I can’t make up my mind on this – I think I’m in too early. We’ll see.
4H Chart – set up
NZDUSD 4H Chart – 24 Aug 17
1H Chart – confirmation
NZDUSD H Chart – 24 Aug 17
Daily chart
The Daily chart looks troubling to me – this is definitely not a perfect set up. Price is close to the d100.
NZDUSD Daily Chart – 24 Aug 17
Weekly chart
Price has just touched the w20 but can easily go to the w50. Really not sure this is a great set up.
NZDUSD Weekly Chart – 24 Aug 17
Monthly chart
Price is touching the m5, another positive sign, but ultimately I think the daily chart is a little troubling. I guess there’s enough going on to warrant the trade.
NZDUSD Monthly Chart – 24 Aug 17
Changed my target – 25 Aug
Just a quick update – I reconsidered my target and given the recent test, decided to go for the 4h100 instead. Stop is still the same. New set up is …
Acc risk: 0.75%
Long: 0.7218
Stop: 0.7185 (33 pips)
Target: 0.7300 (4h100, 115 pips, 3.48x RR)
Hit my target – 29 Aug
Well I thought this would never happen – so many doji bars – I thought I was finished. But we hit target at 0.7288. Pretty fortunate given the less than perfect set up. I can see this working out again later though, when we head a little lower.
New NZDUSD entry
Sometime later – I got another set up on the NZDUSD.