Well hello traders good to be back with you as we have a full trading day ahead. I was at my computer about 90 minutes ago and I was looking for a nice London open trade and possible London lunch trade and finish by NY open. So today we are going to look at the NZDUSD 60 minute chart. This trade is a planned London entry with a close just before the NY open.
Let us take a look at the trade plan and the chart we can see price has bounced off the 0.7200 price level so I placed a Fibonacci tool on the chart. I am looking for this to go to the 61.8 at the price of 0.7246 and look for a bearish candle formation and take the short entry as we stay with the trend from the higher time frames. I am looking to take profit just before the 0.7100 price level at the take profit at 0.7120. I have placed the support zone on the chart and I would not be surprised if this take an over shoot lower. This is really a nice pullback trade as we wait for price to come to us, stress free that is the way to trade my friends.
Thank you traders and we will talk soon……..William