It looks like NZDUSD-1.49% will resume the bearish trend right away. The confirmation for this setup would be to see a sharp decline, reaching 0,60135 before March 2nd ideally. We could preemtively enter shorts at market and use a stop at 0.68286 initially, and add to the trade as it progresses.
The potential decline ahead is rather large, and when we apply an 'expanding triangle' look to is, it would appear like we can expect a 2x range decline in this pair. Rgmov is bearish and the price action highly suggestive.
11 hours ago
Comment. I'm out of this position for now.
I think you stop the decline? Do you have a new analysis?
IvanLabrie
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Hi, I'll wait for further confirmation before shorting again. I had shorted from 0.6522 and from 0.6695 but covered on the recent decline, when it failed to drop lower.
jhakas
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If nzd remain above 0.6429 on weekly then i expect 0.72 in coming weeks.. only weekly close below 0.6429 will wash away this scenario... weekly close below 0.6429 will lead for another 400 to 600 pips down in nzd.
IvanLabrie
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Depends on your analysis methodology.
For me, I don't know, it looks quite bearish already, further confirmation would be a sharp move down.
jhakas
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maybe i am wrong but time will tell.. i have some figures that will give confirmation if bearish trend.. for short term.. 0.6678 will be provide supply and if taken out successfully then 0.674 again..
IvanLabrie
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Great, stick to your guns if it's working for you, but I agree on the bearish outlook more or less.
jhakas
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no offense.. just healthy sharing..
jhakas
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i will jump on to bear side if i see bearish signs..
IvanLabrie
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True, I'm not offended, just saying that trading is a personal endeavor, and highly psychological in nature. You need a trading belief system, if other people's aligns with yours great, but it's not vital.
If you find your methodology has an edge and you feel confident utilizing it, and not second guessing signals from your system, you will make money.
Cheers!
Comment. I'm out of this position for now.
I think you stop the decline? Do you have a new analysis?