EURNZD Ichimoku Cloud Breakout 15 Min TF

The Monthly, daily and 60 min TF are in all in a downtrend. This pair, imho, has a good potential to drop to 1.5311. The entry is at 1.7098 (4 pips below the breakout candle low, adjusted down 2 pips away from round number. Stop is 10 pips (+ 2 pis for spread) above the Kejun Sen at 1.7141 (Risk = 43 pips). Profit target is Rx3 = 129 = 1.6969. There is an an immediate support level at 1.7078 which is a concern

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It's not always good to be right but it does work out more often then not. As the chart shows, The trade was triggered at 1.7098 and moved nicely down to the support level. Unfortunately, the support level held and the pair bounced up and consolidated between 1.7100-7120 area till NZD Employment numbers came out and the profit target was reached easily. A very nice 3-1 RRR trade :)