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
SUBSCRIBE, LIKE COMMENT MY IDEAS IF YOU AGREE OR DISAGREE. HAPPY PIPPING.
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!!
PriceActionTrading
⋅
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.
moneymaking
⋅
I agree, sounds good. Thanks for the explanation, appreciate it :)
PriceActionTrading
⋅
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.