“Good Night Project” July 30, 2015 Trade NZDJPY
In tonight’s scan, there were a lot of NZD pairs that had a time frame match on the 10/30/60. As a result, we are going to find the “best” NZD pair possible. Here is the filtered scan with a heatmap view so we can see what is going on with all the different timeframes. The scan is from www.ichimokutrade.com.
In looking at all the NZD pairs, we decided to take the EURNZD trade. The reason is that the same support existed on the 10m,30m,60m,4h, and Daily. This a multiple time frame support.
In order to keep the risk low, we are going to choose the 30m as the trading time frame. Here is the chart setup provided by Thinkorswim from TDAmeritrade.
The entry was 1.6582 which included the 4 pip spread, the initial stop of 1.6559, and a target of 1.6699. This is over 3:1 reward/risk so it fits our money management criteria. We will be risking $23 for this trade.
This is a aggressive trade, not a conservative trade so the probabilities are a little lower.
Let’s see what happens in the morning.
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