Open trading account 
This trade took advantage of the expected move towards the Outer Trend Line and the Consolidation Breakout on the Daily Chart.
Entry took place on the 4 Hour Chart which had created an Uptrend with Inner and Outer Uptrend Lines.
Stop Loss was placed below the Inner Uptrend Line and Entry Order set in expectation of a pullback. Once triggered, market took us back higher, where the Limit Order was set at the Resistance area.
Trend Lines are great areas to place your Stop Loss, especially if the next best area would mean breaking your maximum Stop Loss Rule in your Trading Strategy.
Based on what I see, I expect the pair to break the Outer Trend Line and take us higher in favour of the NZD, providing more trading opportunities.
Until then...
Happy Trading
Duane
Entry took place on the 4 Hour Chart which had created an Uptrend with Inner and Outer Uptrend Lines.
Stop Loss was placed below the Inner Uptrend Line and Entry Order set in expectation of a pullback. Once triggered, market took us back higher, where the Limit Order was set at the Resistance area.
Trend Lines are great areas to place your Stop Loss, especially if the next best area would mean breaking your maximum Stop Loss Rule in your Trading Strategy.
Based on what I see, I expect the pair to break the Outer Trend Line and take us higher in favour of the NZD, providing more trading opportunities.
Until then...
Happy Trading
Duane
