2021-09-04 17:03:26
Trade Of The Week
NZDUSD Long
Daily timeframe:
Price seemed to be in a massive accumulation range.
We have had a daily breakout to the downside, followed by price quickly moving back into that range, confirming a spring.
A false breakout to the downside usually means price is going to travel to the top of the range.
So, I had a long bias.
Hourly:
On the 1h we did have a reaccumulation range. I entered at the blue box (red line price), with a stop at the lower green line and a target at the upper green line.
The target lined up with my statistics and is also the top of the range, which is an ideal scenario.
According to my statistics, there was a 74% chance of hitting target before taking out my stoploss.
To recap:
* Daily confirmed spring, giving me a long bias
* Statistics with edge
* Hourly reaccumulation breakout.
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