Looks like we are in the first leg of an elliot correction wave, if one of the next few 4h candles is an engulfing bull then long it until roughly .7208 for a small profit and then wait for price to bounce off of resistance at .72158 before shorting it at .71964 to make sure that it is following the correction wave. the supply and demand zone that has been touched and the possible formation of H&S give more support to an overall downtrend on NZD for the next few weeks.
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entered in my long order at .71717 but set my stop loss a little to high and got bumped out of mo position on the red 4h candle, will re enter on my original short plan once price bounces off of the resistance line and the downtrend is confirmed by a bearish 4h candle./
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so far the graph has followed my analysis almost to a "T'.... however as price is bouncing off of resistance and getting ready to fall.... NFP is about to be released with news that could very possible weaken the dollar which means no matter how right my analysis was it could all go out the window in 15 minutes. stick to my trading plan and analysis or let fundamentals take over? I have not decided yet..
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let the fear of bad nfp numbers keep me from entering my original trade.... had i followed my plan i would have made at least 60 pips in 10 seconds... will take this into account in the future