I will be longing NZDUSD for the following reasons:
1) It has been on an uptrend creating Higher Highs and Lower Highs since November 17
2)It broke a significant daily trend line dating back to September. It also retested it and continued upwards
3)It is sitting on a trendline that has been respected twice possibly 3 times with this one.
4)From low to high the Fib indicates that it has hit 61.8% great area to come back up and hit -27% which has another key trendline passing through.
The risk is minimal with 25 pips being on the line
1) It has been on an uptrend creating Higher Highs and Lower Highs since November 17
2)It broke a significant daily trend line dating back to September. It also retested it and continued upwards
3)It is sitting on a trendline that has been respected twice possibly 3 times with this one.
4)From low to high the Fib indicates that it has hit 61.8% great area to come back up and hit -27% which has another key trendline passing through.
The risk is minimal with 25 pips being on the line
Trade closed manually:
I took my profit when it hit 23.6% .
Now that it has gone below the trendline i took a short on the retest of the trendline
Now that it has gone below the trendline i took a short on the retest of the trendline
Comment:
Great choice by taking short I am 50 pips in profit and will be closing it out