I was eyeing on NZDUSD for Bullish entry above its major support @ 0.5613.
Then I caught a flag pattern which indicates continuation towards 0.5515. This is also confirmed by its near major support at 0.5514.
The price retraced two times from 0.5514 on 9th April 2025 and 3rd Februrary 2025. It enables me to have a proactive selling below the current Lower Low @ 0.5588 which is the pole of our flag.
Our Stop losses positioned at 0.5617, right above the flag clothing.
I am taking two trades each with 1% risk.
If my first trade target hits then I will move the SL of other trade to BE to ride the same direction with great peace of mind. Happy Trading.
Trade No. 1
Entry (Sell Stop): 0.5588
SL: 0.5617
TP: 0.55518
Trade No. 2
Entry (Sell Stop): 0.5588
SL: 0.5617
TP: 0.55155
Then I caught a flag pattern which indicates continuation towards 0.5515. This is also confirmed by its near major support at 0.5514.
The price retraced two times from 0.5514 on 9th April 2025 and 3rd Februrary 2025. It enables me to have a proactive selling below the current Lower Low @ 0.5588 which is the pole of our flag.
Our Stop losses positioned at 0.5617, right above the flag clothing.
I am taking two trades each with 1% risk.
If my first trade target hits then I will move the SL of other trade to BE to ride the same direction with great peace of mind. Happy Trading.
Trade No. 1
Entry (Sell Stop): 0.5588
SL: 0.5617
TP: 0.55518
Trade No. 2
Entry (Sell Stop): 0.5588
SL: 0.5617
TP: 0.55155
Order cancelled
Our trade is no more valid.As per our Thumb Rule, we usually cancel the pending order when the price crosses our SL.
The flag is still valid and we are waiting for retracement at 0.5613 - 0.5620 area.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.