There's been discussion if this is a quad top or an inverse head and shoulders pattern, seems strange to have an inverse H&S pattern at the top of a trend. So i'm going with a quadruple top and I'm already short at 9585, if we get closes above 9650 I'll close with a loss and get long, however if 9650 holds, I'm riding this down to at least 9000 level, anyone interested in almost 600 pips?
Got entry at 9700 to short this pair. It's testing 1997 levels since 2013 levels are all used up. Surprised it hasn't reversed yet so going with just a whole number of 0.9700. Really structure to trade off from besides just wicks and bars. One of these bull moves will tank it. Good share and good luck everyone
JaredJJohnson
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great points to make, good luck with this trade, i'm still liking it as well! Hopefully NZD rate news doesn't cause too much craziness (it will), let's hang in there!
33788
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Thanks. So far so good, didn't catch pivot high like I wanted, it went to 9735 before tanking but at least it's creeping down nicely. Something with whole numbers when there is no structure. I also caught the inverse of GBPNZD it hit 1975 levels I'm expecting a good long return on that also. That first strong move with both pairs and no retracement was what I liked seeing. Good luck to you also.
theforexinterns
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I would look into selling this pair. The highest range this pair has ever gone was in 1997 @ 0.9766 level. Anyone buying this pair is really risking it. A big fall to the 0.9000 level is expected so any upward move sell this pair. Nice risk/reward coming for this pair (medium/long term trade) :)
JaredJJohnson
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agreed, that's why I'm short. GBPNZD is coming off a double bottom as well, I'm liking my odds at trading towards NZD weakness.
Gino
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Oil is going down, so NZ should advance in this pair, yes?
JaredJJohnson
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we will see. I see other nzd pairs setting up for nzd weakness, this isn't a guaranteed trade, I like the set up and it appears we're getting other alignments so I'm going in small and will add on confirmation.