Akil_Stokes
Long

NZDUSD Looking for a little Relief

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
It hasn't been the best of weeks for me and I'm certainly fighting through a drawdown, but that's trading for you. The way I see it is you can either continue to follow your plan and fight through it, or given in and miss the opportunities that can potentially dig you out.

This isn't the best opportunity at the moment, but it could be depending on how price reacts on my lower timeframe (1HR). What I'm looking at is a 1:1 measured move coming down into a previous structure level (look left) and a 1.618 fib extension. Keep in mind as a counter-trend trader I'm not looking for a big reversal, just a little relief that will allow me to make some profit.

Now there's not much protection here on the daily, simply a zone. So what I will do is watch this closely on the hourly and look for a conservative reason to enter. A double bottom where the rsi is oversold and divergence is present would be a perfect example. This allows me to have my protective stops in a place that is safe, but doesn't mean me taking on a lot of risk. (Similar to what we did with the gbpusd             this morning Syndicate Members).

Not sure if or where the double bottom will complete but stops underneath the 85 even handle looks like a good spot. But again it all depends on what price action does.

For you guys that follow me on youtube, I apologize about not posting my normal Thursday video. I'll probably have it up tonight or over the weekend. We'll see, it's been a busy week. Have a great weekend traders.

Try Our14-Day Trial & get Access to Course, Daily Videos, Live Trading Rooms Trading Software & More. (No Auto-rebull No Strings Attached)
https://tieronetrading.com/14-day-trial/

Check out my 500+ Trading Videos on http://www.Youtube.com/AkilStokes
Thank You!
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out