2018Jul04 NZDUSD H4 Double Bottom

NZDUSD has been on a downtrend. There is a double bottom with broken neckline and formation of a new swing high. As such, I am placing a buy limit at 0.67243 which is the 61.8 Fibonacci retracement from the right bottom to the swing high. Stop loss is just below the lower (right) bottom. The take profit target is at the swing high. The trade details are as follows:

Trade Setup: Double Bottom
Price Entry 0.67243
SL 0.66829 | SL pips 41.4
TP1 0.67832 | TP1 pips 58.9
RRR1 1.42

Ordre annulé:

This setup is invalidated as price did not retrace to 0.67243 before hitting TP1. (July 5)