EverythingForex

NZDUSD: Wanna SELL? You Better Understand The BIG Picture!

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
1169 7 26
I'm publishing this idea because I hate to see anyone sell this without a full understanding of what is really going on. I personally would NOT sell this pair but if you insist on doing so, at least do it KNOWING that you are selling against the trend and that trend IS NOT DONE. You could be "catching the falling knife" here!

You see in my chart that it is in a wave C of a larger degree wave (c). And wave c's are the corrective equivalent of wave 3's. I would not go against an impulsive wave without CLEAR indication it is done. And here, that does not exist yet. Any move down would be just a temporary correction. Of course, you can try to trade the pullback but I'd rather wait and trade the next move up WITH the trend.

When the time is right, my members will be alerted to the proper trading opportunity. Right now, there is not one.
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thanks for the much needed reminder. Do we follow the herd instinct simply , fearful our own decision may be wrong and not conforming to the group? When 10 in the forum are selling and if I am the odd one holding the fort to buy, it can be pretty daunting and scary especially for a newbie. Done enough times, it can be easily self persuaded that one should listen to the "experts" and rely less on oneself.....

Also, pullback from a shorter time frame like hourly or min chart can be magnified to such an extent that it becomes a major sell and the longer one stare at it , the more he is convinced , he needs to get out before getting burned.....(that probably sums up the inadequate homework done to plan the trade). Theoretically, plan your trade and trade your plan sounds logical but in real life, once the market goes live, one can get consumed in it and lose track of what he is supposed to do and unconsciously start to follow the herd.....

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See my reply above...same answer. If you have a plan and trade it, you don't need to be sitting there staring at every pip and fretting.
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I'm waiting a pullback for longing this pair...
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correct idea
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BeFX EverythingForex
Are You sure? Price doesn't want to go up...
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there is NOTHING for sure in trading. That is why you do your homework, make a plan and trade it. That is ALL anyone can do. Will it go back up? There is nothing yet to tell me otherwise. You must learn not to overreact to strong movements in the market. They happen ALL the time. This is part of why you MUST have a plan and STICK to it. To take the emotions out of trading. Trading is hard enough to not have to fight against yourself.
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