Technical Analysis:
This is a riskier trade than usual, price has already reached 100% but has not closed beneath it. These trades offer the best risk to reward ratios but should be used sparingly and only entered with small risk and one position. But another reason I took this trade is because the NZD and AUD correlation looks to be bullish according to the setup.
Confirmations:
- Break above the consolidation and all previous highs to the left on the 1h
- Fib Pullback into kill zone
- Price did not close beneath the 100% level
- AUD & NZD bullish bias
For a more in depth article visit: esoterictrader.com https://www.esoterictrader.com/
This is a riskier trade than usual, price has already reached 100% but has not closed beneath it. These trades offer the best risk to reward ratios but should be used sparingly and only entered with small risk and one position. But another reason I took this trade is because the NZD and AUD correlation looks to be bullish according to the setup.
Confirmations:
- Break above the consolidation and all previous highs to the left on the 1h
- Fib Pullback into kill zone
- Price did not close beneath the 100% level
- AUD & NZD bullish bias
For a more in depth article visit: esoterictrader.com https://www.esoterictrader.com/
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