FX Setup Commentary 17 Aug 2012

Hi there, there was another setup that I took for NZDUSD pair in this afternoon. This price movement of this pair is up to our anticipation where there was price action from the key level - 0.80450 signalling bullish movement. If you could remember, I have discussed my anticipation on this pair in my previous post, and you can see the price moved exactly to our anticipation.

Before:

NZDUSD - Daily chart (before)

After:

NZDUSD - Daily chart (after)

I entered long position when there was a bullish bar formed at swing low + key level. The setup of this trade is as follow:


Entry                :     0.81040
Profit Target     :     0.82000
Stoploss           :     0.80335
Reward            :     960 pipettes
Risk                 :     705 pipettes
R/R ratio          :     1.36

(Note: The above calculation not inclusive of spread charged by different brokers)