Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
NZDUSD – Buy Setup at Key Support of Expanding Triangle | May 22
NZDUSD – Buy Setup At Key Support of Expanding Triangle
On May 7th in our daily market commentary, we talked about the expanding triangle and how the overall structure was supportive for a bullish continuation, after a return to the bottom of said triangle. The pair is getting quite close to that support level around 8520/30. The order flow beyond such a structure suggests to us the upside is more favored, and this is further supported by ichimoku wave theory (a Y-wave structure).
Our Trade Idea: I’m placing a limit order to buy around 8520 with stops below the ‘big figure’ at 8500. Upside targets will be 8600 (daily 20 ema) while gunning for a larger move up to 8700+, ideally tagging near the upper 10% of the rising resistance line which currently comes in around 8790.
Read our latest article Don’t Trade Forex Unless You Do These 4 Things
Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.