EURNZD is on a long term uptrend, midterm consolidation, and short term downtrend. The bears are currently more aggressive than the bulls leading to formation of a descending triangle. I am waiting for a candlestick to break and close below the horizontal support of 1.68918 before starting to short. This would serve as a signal for me of the continuation of the short term downtrend. Stop loss is based on ATR x 2 while the take profit target has the same number of pips by default. Tentative details are as follows:
Trade Setup: Trend Continuation
Price Entry 1.68918
SL 1.69368 | SL pips 45.0
TP1 1.68468 | TP1 pips 45.0
RRR1 1.00
Trade Setup: Trend Continuation
Price Entry 1.68918
SL 1.69368 | SL pips 45.0
TP1 1.68468 | TP1 pips 45.0
RRR1 1.00