NZDUSD: EFFICIENT POINT TO MAKE TRADE IN CONSOLIDATION?-BULLISH.
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In the chart, price range moving in sideways with a stable consolidation.
Normally, the market executes this kind of pattern in order to clutch the price range from markable fall.
Is there any markable fall in the previous move?
Yes, at 0.62448 the candles got a trend change from downward movement. Even the fall recorded as a narrow Impulse.
By that fact, the signals formed a consolidation pattern.
What would be the efficient point to make a trade in the consolidation chamber?
I strongly believe that support zone will be the vital spot to make a trade in consolidation.
Because in the chart unquestionably we can evident the price range used to bounce from the support zone with an arrogant impulse.
Fortunately, candles yet to hit the support zone . So, we can expect an impulse from the support zone .
In this case, previous resistance and support point the will our Take profit and Stop loss for an efficient trade.
FOLLOW THE MOVE AND DECIDE YOUR TRADE.
Stop loss: 0.66393
Risk Vs Reward: 3.13
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Trade signals would usually have a risk to reward ratio of 1:2.
It means that even 2 out of 4 signals hits their SL marks, the other two would have closed with profit.
This allows you to be good in overall pips profit.
Signals are usually inter-day (Based on the daily candle) therefore, trades would usually have a holding time of an average minimum of 24 hours.
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