FX:AUDNZD   Australian Dollar / New Zealand Dollar
Looks like a legit bullish wedge here in the making, giving a good opportunity for a swing trade. On the right we can see the low might have been set already, but ideally we make one more drop . I think if the red resistance breaks, could be confirmation of the low being set already.

Previous analysis:

Comment: Looking good so far, first batch is in, waiting for some confirmation first for the other half.

Comment: Dropped a bit below the wedge but already inside of it. Based on the pattern to stay reliable, it should stay below the green zone. There is nog conviction of the bulls at all, so it could take a while longer for the price to move up.

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look good so far, just above the bottom line :)
@sunny, Yes, so far so good :)
sunny botje11
@botje11, we were too early. I have redrawn the wedge and found my 2nd entry at 1.0315. Bad news needs to hit Kiwi soon. It cannot remain immune!
How low can it go before reversing @botje11 ?
botje11 colinbrazendale
@colinbrazendale, With wedges, it can be mean sometimes, because we see a false move many times. Normally should stay above the 1.33/32, with a max of 1.30. If that breaks, i get out and wait what will happen. If it goes back in the wedge, i sometimes get back in
@botje11, Thank you. Do you mean 1.03?
hey botje, at such a wide spread take profit, stop loss, what leverage do you use?
is it trade specific or you use the same leverage for all the moves?
+1 Reply
botje11 rvhydrn
@rvhydrn, I use different sizes for different strategies. Normal day trading, always the same size. Unless i see a 80/90% winning pattern, i might do like 25/50% more. I usually always calculate my sizes according to how wide the stop loss is. So lets say for a day trade, i want to loose maximum $100:

-1 point is $1
-My stop is 10 points away
This means, i can do 10 contracts.

If my stop is 15 points away, i can do 6/7 contracts.

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