EURNZD, 4hr tf, buy descending channel breakout
Hello my friends,
My first trade for December is coming to you all.
I am going to take a buy positions on EURNZD pairs.
As you can see price, recently broken above the descending channel after moving inside it for 2.5 weeks inside it.
We could expect price to rotate higher as there is also weekly trendline at this 1.7000 area.
This 1.7000 could be an area of confluences support because so many support level right now at this point.
Notice also the recent candle looks like a marubozu candle which indicates buyers strength.
With this candle appearing on support, i could say buyers are trying to show it is now in control.
Buy EURNZD 1.7010
Stop loss 1.6960
Take profit 1.7180 (3.4R)
RR ratio 1 : 3.4
Use only 1-2% risk
Good luck
My first trade for December is coming to you all.
I am going to take a buy positions on EURNZD pairs.
As you can see price, recently broken above the descending channel after moving inside it for 2.5 weeks inside it.
We could expect price to rotate higher as there is also weekly trendline at this 1.7000 area.
This 1.7000 could be an area of confluences support because so many support level right now at this point.
Notice also the recent candle looks like a marubozu candle which indicates buyers strength.
With this candle appearing on support, i could say buyers are trying to show it is now in control.
Buy EURNZD 1.7010
Stop loss 1.6960
Take profit 1.7180 (3.4R)
RR ratio 1 : 3.4
Use only 1-2% risk
Good luck
