Trade set-ups for 05/15/2015
Currency Pair: AUDNZD
Closing Price: 1.0790
Entry Order: BUY stop @ 1.0803
Stop loss: 1.0770
Take profit: 1.0911
Analysis: This pair has formed a double-bottom price pattern in early April near the 1.0000 level. Since putting in a bottom this pair has thrust higher. For the past few trading sessions this pair has been in a consolidation. Penetration above today’s NR4 bar should propel prices higher.
Now this was a nice double bottom set-up. However continuing what I said in your EUR/GBP post it would be equivalent if you entered on this pair at around 1.0150 and targeted 1.0200, when the price was still in a clear downtrend without a confirmation about the change in trend
Just had saw this and looked at reality. His entry wouldn’t have hit until the 17th and then it would have stopped him out today. Tough luck on this one. The NZ news made some pairs move today.
