OK, NZD has been on the nose since the RBNZ signaled that the next move in rates is most likely to be down. Since then, a few banks have called for a May cut. At the time of writing, Westpac joined that chorus
www.forexlive.com/ce...may-meeting-20190403
So, I have coupled this with some more positive sounding Brexit noise (hahaha) and decided to express this view via EURNZD. A note that a few smarter players have tipped me off as to the validity of this trade. 2 ways to play this. Trade 1# take the start of wave 1 below the wedge and use the targets shown on the hourly chart. Or trade #2 (below) use the break of the wedge as wave 1 and use the targets provided to guide you. Blue prices are profit targets and red are stops.
Chart 3 is the overview of the NZD, which I am bearish. It's currently fighting with the big wedge, so might bounce a bit from here, but I can't see it rallying too far
www.forexlive.com/ce...may-meeting-20190403
So, I have coupled this with some more positive sounding Brexit noise (hahaha) and decided to express this view via EURNZD. A note that a few smarter players have tipped me off as to the validity of this trade. 2 ways to play this. Trade 1# take the start of wave 1 below the wedge and use the targets shown on the hourly chart. Or trade #2 (below) use the break of the wedge as wave 1 and use the targets provided to guide you. Blue prices are profit targets and red are stops.
Trade closed: stop reached:
well, that was unfun. First stop reached
Comment:
China trade deal announced was bad timing! Thats trading!
Comment:
Note I manually closed this one. Might turn out to be a mistake. I still have half the position and hoping NZD can start to run out of steam at current levels
Trade closed manually:
I've closed off this position and everything else I currently have. Time or a night off and a fresh rethink tomorrow!