AUDNZD long term may be finished pulling back. As a result, we are looking for a quick day trade to enter the position but keep our risk low.
The following 10m chart is setting up now. We are electing to do a breakout trade since this is countertrend to the current downward movement. The Entry is at 1.2900 with a stop of 1.2874. The First T1 target is 1.2949. At this point, we can take some positions off and tighten our stop for the rest of the positions. The reward risk is 50 reward for a 25 risk so a 2:1.
In order to increase the reward/risk, we can try a pull back order with an entry at 1.2884. This will be a reward of 50 pips with a risk of 10 pips. Therefore, a 5:1 reward/risk ratio.
We will place both orders at this time. Whichever one triggers,we will keep it and the other we will cancel.
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