Should price action for the NZDUSD remain inside the 0.8150 to 0.8200 zone the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8150
- Hedge Level: Sell Stop Order @ 0.8075 (Take Profit Level @ 0.8000)
- Take Profit Zone: 0.8350 – 0.8400
- Stop Loss Level: 0.8050 (We will not use a stop loss order to close this trade for a loss and execute this trade as advised below). We do use stop loss orders to protect our profits and close a trade for a profit. Each trader may decide if and where they would like to place the order.
Should price action for the NZDUSD breakout above 0.8200 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Long Position
- Entry Level: Long Position @ Retracements in the trend; buy orders during dips
- Hedge Level: Sell Stop Order @ 0.8075 (Take Profit Level @ 0.8000)
- Take Profit Zone: 0.8350 – 0.8400
- Stop Loss Level: 0.8050 (We will not use a stop loss order to close this trade for a loss and execute this trade as advised below). We do use stop loss orders to protect our profits and close a trade for a profit. Each trader may decide if and where they would like to place the order.
Should price action for the NZDUSD breakdown below 0.8050 the following trade set-up is recommended:
- Timeframe: H4
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8050
- Hedge Level: Buy Stop Order @ 0.8150 (Take Profit Level @ 0.8200)
- Take Profit Zone: 0.7900 – 0.7950
- Stop Loss Level: 0.8200 (We will not use a stop loss order to close this trade for a loss and execute this trade as advised below). We do use stop loss orders to protect our profits and close a trade for a profit. Each trader may decide if and where they would like to place the order.
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