PriceActionTrading
Short

NZDUSD SHORT NOW AT 0.76 AND TRIANGLE RESISTANCE

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
148 4 7
BASIS FOR SHORTING THIS TRADE IS BELOW
REACHING THE END OF THE TRIANGLE PATTERN
BREAKOUT COULD BE UP OR DOWN YES, BUT CORRELATION BETWEEN AUDGBPEUR AND NZDJPY             SUGGEST DOWNWARDS BREAK MORE PROBABLE
D1 HAS FAILED TO CLOSE ABOVE 0.76 4 DAYS STRAIGHT
LASTLY, FOR CORRELATION REASON AND SIMPLY I FEEL NZDUSD             HAS OVEREXTENDED ITSELF. SAME AS AUDUSD             WHICH HAS OVEREXTENDED ITSELF AND HAS PRODUCED A D1 PIN BAR AT 50SMA(WORTH TRADING TOO) KEEP A LOOKOUT.
EURUSD AND GBPUSD             HAS MOVED DOWN SO MUCH WHILE NZDUSD             AND AUDUSD             ARE ENJOYING AN UPWARD MOMENTUM? HOW CAN THAT BE ALTHOUGH I KNOW NZD IS MORE CORRELATED TO AUD THAN EUR AND GBP, BUT THE DISPARITY IS TOO MUCH THUS IM SHORTING THIS.

SELL NOW WITH STOP AT 0.7635. TP1 0.751

D1 CHART
snapshot

SUBSCRIBE, LIKE COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
HAPPY PIPPING.
moneymaking
2 years ago
Hey price action, again seems like a solid trading opportunity. Wouldn't you wait for a breakout of the triangle, I believe that would be a good conservative approach. Let the market do the heavy lifting before you put your hard earned money on the line. Thanks for sharing and Good Luck!!
Reply
PriceActionTrading moneymaking
2 years ago
Hi, on the conservative side yes. However, sometimes when i have enough confluence, i like to jump the gun and be on the first few on the wave (whether it is to death or to victory). because i have enough confluence(supporters) with me i feel i can win. It is one of those trades that i do not mind losing 2% of my account on.
+1 Reply
moneymaking PriceActionTrading
2 years ago
I agree, sounds good. Thanks for the explanation, appreciate it :)
Reply
PriceActionTrading moneymaking
2 years ago
Price breached the bottom of the triangle as expected. Look towards re entry at the retest of the triangle.
Do note that if price manages to close inside the triangle on the D1 timeframe. It is a fakey and we should close the short trade as price will move upwards as a result of the fakey.
snapshot
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