SmartTradingFX
Long

Will we get any upside out of NZD/USD?

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
274 11 3
Since the pair broke structure to the downside on the Daily time frame, we have fallen off a cliff             ...
Going out to the weekly time frame to see where price could be heading or could react i have highlighted the next zone which is the two blue horizontals...

CTS            
1. Weekly structure zone
2. Moving into oversold conditions - Weekly
3. Oversold - Daily
4. 1.27 Fib Extension - Daily
5. 1.27 + 1.618 Fib Extension ratio confluence - 1H
6. Double Bottom - 1H
7. Bullish Divergence - 1H

I have highlighted two solid potential risk reward profiles if current price was to hold...

Looking forward to see if it gives anything back or will continue to the downside!
I have read through your thoughts now and I have to say it's really interesting that we reach so different conclusion based on price action.
On your chart above I can see two 'reversal' candlesticks, which make for you point I think, though to me the latter is too low to look bullish - so I'm still expecting further downtrending. Let's see !
+1 Reply
SmartTradingFX SimonRasmussen
Targets hit Sir!
+1 Reply
SimonRasmussen SmartTradingFX
congrats! for me: no entry this time
I can see you entry, tp and sl
but what are the other 3 lines?
+1 Reply
SmartTradingFX SimonRasmussen
The other three lines ( Two green One red ) are where my Fib Extensions completed! Do you use Fibs in your trading?
Reply
Akil_Stokes PRO SimonRasmussen
Funny that I'm reading this comment now. During my live trading session today we had a good conversation on how both traders looking for a long or a short at the a\same area could both be right. One of the things I love about this industry is that there are so many ways to trade and so many different perceptions of the market. I'm not sure if I recorded my rant or not but if so i'll try and upload it to my youtube page this Thursday
+2 Reply
SimonRasmussen Akil_Stokes
If you end up working that out, you can update us with a link
+1 Reply
Akil_Stokes PRO SimonRasmussen
o problems, my videos come out every Thursday, so just keep an eye out for it on my youtube page
Reply
Akil_Stokes PRO Akil_Stokes
*No problem
Reply
SmartTradingFX Akil_Stokes
Akil, It blows my mind how different traders think different things and as you said could both be correct! Did you have this pair on your radar this week at all?
I hope you did record it would love to see it! Fire the link across if you get a chance!
+1 Reply
Akil_Stokes PRO SmartTradingFX
Yes it's a pair that's in my portfolio, but I haven't been looking for any buy at the moment. I'm expecting some relief in the form of a retracement and will either look ride that move up to structure after we've gotten comfirmation (your double bottom) and/or catch the trend continuation move back down once we hit previous structure
Reply
well done
+1 Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out