Update: This one failed, major rally following the RBNZ decision.
Bearish shooting star candle following a retest to the broken support of the broken broadening formation, a potential short setup is presenting it self here, i look to short the price near 0.8510 with a first target at 0.8415 and a dynamic second target at the rising trend line for the overall bullish trend. My risk limit would be above 0.8580.
Good Luck, haven't joined me yet? please do : twitter.com/thefxchannel ------------------------------------------------------- Trading Criteria: 1. Trades are taken in two units 2. First unit would be closed at first target 3. Stop loss is then moved to break-even 4. Second unit would be closed at second target 5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled 6. Remember: Losing is a main part of the game ;
Comments
Technician
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This one failed
Fxentourage.
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Np
Technician
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Trades don't fail because of anything, they just fail because they always do. So do not bug yourself of why, you will spend your life searching for a holly grail.
Get profits on the long run.
G.Luck
Agree with your post, but am on the fence if a minor retracement is going to happen or not. I am not sure how much merit you give to fib retracements, but I have the .382 retracement on the most recent swing on daily @ .8545. What's your thoughts on this level being reached before the downtrend resumes? A stop @ .8580 seems like a very good spot with such a symmetrical broadening formation. Guess I am debating a proper stop loss without giving away too many pips. Thanks Technician.
Technician
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Hello, actually, i have decided to wait one more day before shorting, as the RBNZ rate is coming this Wednesday, its widely expected to hike rates again, so the pair may get some support towards the decision, where we might see sell the news following the release.
dgreenan24
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Great point! Thank you sir.
dgreenan24
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Isn't the Reserve Bank of New Zealand famous for being very clear on monetary policy decisions, thus making it very predictable as to what the announcement will be? I'm seeing a forecast of +3.25%. Higher interest rates=Bearish NZD. Though I don't want the dumb/confused money to come in and bounce the Kiwi to my stop. Hmmm...