FX:NZDUSD New Zealand Dollar/U.S. Dollar
Comment: CHART TITLE SHOULD SAY KIWI! apologies!
Comment: This did exactly as I anticipated after going short on the PB to the first grey line the next bar hit the second line and found some additional support as well.....however, the fact that it rose on the right side of the 1st line shows weakness. So the decision was to hold the short with stops above the obvious high's. The gap between the second grey line and the 3rd is significant as it demonstrates the probability of a clear run to the to either of the Median Lines. The higher one looks more probable based on trajectory......either way the moving exit is the 3rd grey line/ML or the intersections whichever hits first.
That's ok my error thanks for clearing it up......It needs to clear the second grey line to confirm as they are so close, however I am now trading the lines Bare-Metal! as part of a new strategy ( revived ) strategy I'm trialing. I actually bought the first grey line exited (sold) on a PB to same line for 10 pips and simultaneously went short on a stop & reverse! This reduces my risk on this trade. so if this cracks to the downside I'm already short and if it cracks to the upside I'll then wait for the PB to the line or up to 10 pips away and go BE......I will then be in Long again in the right direction.........still testing, hope that makes sense, but the lines are key !
Real good as it always keeps you in the flow.....Of course if I don't get the pullback I may have to wait a few bars but the next line will get me out....I always have a "Black Swan" stop which around 100 pips away should I be caught in a runnaway in the wrong direction.....back testing has never happened...promising.