SteveTobin

Selling NZDJPY after bounce

Short
FX_IDC:NZDJPY   New Zealand Dollar / Japanese Yen
Adding to my short NZD positions with this short on NZDJPY . The market has had a risk on bounce but the trend for risk is lower so I am happy to take this opportunity to sell. The NZDJPY is in a confirmed downtrend, I have it as wave 3 of C which could be a powerful and significant move if risk trends falter again. A few trump tweets would really help this trade.
Risk reward looks pretty good, it is a small bounce so the stop is only 30 pips sop working on a 3:1 risk reward we only need 90 pips to get to target. The bounce has allowed stochastics to reset which is a necessary condition for a trade of this nature I am risking 1% of equity on this trade.

My other NZD trades have all had the stop moved to the entry point so i am not exposed at the moment.

AUDNZD has just made a new high confirming a bullish sequence so I will be looking to take that in the coming hours and days
Trade closed: stop reached: loss of 1%, is the this the start of a risk on environment? I am not sure but I am on the sidelines for the rest of the week. Big data day tomorrow and the US sanctions against China are due to come into effect, China has said it will hit back immediately and Trump has already threatened a major escalation if that happens. I cannot buy risk orientated assets with these problems close at hand.

Comments

Im positive I have no where near the experience that you do, but how do you feel about this now? Looks like a possible bull break. I've been long on it since 74.58. Mixed messages on bigger time frames, for sure.
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