VIP - AUDNZD - LONG
Updated
See below
Note
Why are we entering?- The bearish fibonacci target of -0.27 of the last bearish move ends at our reversal zone of 1.3
- Expecting NZD weakness
- We are within a descending channel which is often a reversal pattern
- Bigger timeframe parallel ABC correction
What is our confirmation?
- rejection of -0.27 fibonacci
- Rejection of 1.3 level
- Break of descending trendline
- Break of descending channel
Entry
- SAFE Entry: Bounce off 1.3 and then break of descending channel
- Risk Entry: Bounce off 1.3 and break of descending trendline
Once entered, where will our Stoploss be?
- below 1.026
Where do we take profits?
First TP: 1.06 (300pips)
Second TP: 1.08 (500pips)
Note
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