Sell below 0.6885. Stop loss at 0.6922. Take profit at 0.6823. Reason for the trading strategy (technically): Price continues to test our selling area. We remain bearish looking to sell on strength below major resistance at 0.6885 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish price action) and we expect to see a corrective drop from here to at least 0.6823 support (Fibonacci retracement, horizontal overlap support). Stochastic (34,3,1) still has good downside potential for our drop. Correlation analysis: AUDUSD is similarly expecting a strong drop.
Trade closed: stop reached
⋅
Damn it! bloody NZD I have no idea what the hell is wrong with it lol. Even with AUDUSD dropping hard.
Anyway, the funny thing is that we still made on this trade as we were taking shorter term positions off key levels. This is the part of trade management which is crucial and also something we would be doing a lot more in our trading room : screencast.com/t/WJ1Z8GlUUW9
Sorry about the SL guys, it sucks when we hit the SL and I take the full brunt of it too ><
It's alright. We win some we lose some. Your analysis are still on point
ahnwooseon1
⋅
Money/trade management… Do it T_T
BigBuxTrading
⋅
oops....
how ridiculous is it when today the US New Homes Sales RISES to a multiyear high (a significant event) YET the NZDUSD pair goes up????????? Proof to me this is all gambling.... I'm short NZDUSD from .6884 and this little rise is a joke... FA or TA - its a flip of the coin..... we try to justify our future decisions with historical (past) data - thats like seeing a roulette wheel has gone 15 reds in a row and thinking that the next spin just HAS to be black, right? in fact, each spin is independent of the next and has no reliance on probabilities from the past spins - its just a easy way to justify a decision and it all really doesn't matter..... so I say - place your bets!
Berenguer
⋅
@sdubyag, bruh its the banks they do what they do. sad but true
macdonald
⋅
i hope it does come down
dakkid
⋅
@macdonald, it's trying to break above the 0.5 retracement right now. It already smashed the 0.618 one. Looks like it's strongly bullish...