We got stopped out with 1/2" loss. Re-entered into the trade.
ZenMasterFX
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We are beginning to push through 1.6330 now. This should continue to be bullish.
ZenMasterFX
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From my experience I feel there is a break out coming soon. We have formed a coup and handle on the 1 hour chart too!! I will move my stop loss to from 1% to 1/2%. This keeps me safe :)
CAM_SMlTH
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Ok, best of luck. I think the important level is a close above 16320. Just looking at a wider view I would want a stop loss below 1.6250 as there is plenty of support there. My main question though would be why trade this pair at all. I don't see a strong trend and obvious trade so why not look at another pair that is trending such as AUDNZD?
ZenMasterFX
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Yes I agree that AUD/NZD is trending very well. Its on my radar and I am looking for a pull back before I go short. AUD/NZD isn't doing anything at the moment. I like to trade more volatile pairs like the AUDJPY AND USDJPY. Thanks for sharing :) Cheers.
ZenMasterFX
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I see your point CAM. My strategy is to follow the trend. To me the trend is still going higher. Lets see what happens. As long as we break and close above 1.63072 we should continue higher.
CAM_SMlTH
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I would be selling here and definitely not buying. Just below strong resistance and momentum has just swung to the downside with the most recent swing low.
ZenMasterFX
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Good points. My strategy is to get in with the trend and risk very little. Lets see what happens.