On May 28 2020 I posted on social media Stocktwits/Twitter @AidanFX “EURNZD Break above 1.7830 will look to BUY targeting the 1.7900 area“.
The chart below shows that there were clearly visible bullish patterns calling for a breakout higher. EURNZD formed a bullish flag breakout pattern (purple) and broke above the top of flag signalling traders that a move higher was in the works. More upside confirmations were the bullish divergence patterns (green, light blue, orange) that formed which allowed me to squeeze the BUY trigger. After the break above the bullish flag breakout pattern stop loss was set below the bottom of the flag pattern and the last swing low. A move below this level would invalidate all the bullish patterns. EURNZD rallies higher eventually hitting the 1.2 RR target on May 29/2020 for +146 pips from 1.7829 BUY entry level. It is still possible the pair can make another push higher this coming trading week. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the EURNZD move higher.
EURNZD 1 Hour Chart 5.28.2020
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
*** Always use proper risk/money management according to your account size ***
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