Technician
Short

#NZDUSD: Potential for a Short Trade #forex

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
3516 72 46
Looking to short around 0.7690

  • The pair is in a long term bearish trend
  • The price formed a pin bar at a previous major swing low (0.7680 area). In addition to a falling trend
  • A small rising wedge could be evolving
  • RSI is showing a slight bearish divergence
The framework for this trade is looking for a short around 0.7680-0.7690 area, with a first target around the ascending support for the wedge. The trade is illustrated on chart.

Good luck...
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Technician
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RiccardoAnnoni
2 years ago
Hi technician, I am currently trading this very pattern. Agree 100% with you. At target1 I will take half profit and let the price go down to target2.
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Technician TOP RiccardoAnnoni
2 years ago
Good luck mate
-1 Reply
head_hunter
2 years ago
I like your posts thanks for sharing your ideas it's so useful ..
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Technician TOP head_hunter
2 years ago
Thanks
-1 Reply
moneymaking
2 years ago
Hey Technician, I am also looking to short this pair. But what is bothering me is that we failed to make a Lower low lower close beyond 0.7390 and the market made a higher high and higher close above the previous lower high at 0.7627. To me it looks like the market is consolidating and we really don't have a clear picture of the direction that it wants to go in. What do you think?
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Technician TOP moneymaking
2 years ago
As always, i say that this is only my view and preferred scenario. But of-course a different scenario can evolve. For me, i see a confluence of resistance levels, and the price failed to close above the latest swing high at 0.7696 forming a pin bar. Meantime, making higher highs and higher lows is usual in correctional waves within the context of an overall bearish trend(i.e flag,rising wedge. etc...) so if my assumption is correct we might get at-least another bearish attempt.
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moneymaking Technician
2 years ago
Awesome, Thank you for clarification :)
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ashif030
2 years ago
excellent setup................
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Technician TOP ashif030
2 years ago
thanks ashif
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tcas
2 years ago
Just super confluence and excellent job! Thanks!
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moneymaking
2 years ago
Hey technician, we also got double top on 4 hr. That's another confirmation for us. Good Luck :)
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Technician TOP moneymaking
2 years ago
Thanks, for the double top to be complete, a breakout below the neckline is required at 0.7630.
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moneymaking Technician
2 years ago
Ya, I forgot to mention that, lol. I am looking for this to turn into a 2618 trade. That would give me a nice risk to reward ratio :)
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Technician TOP moneymaking
2 years ago
I shorted earlier, let see how it goes http://s29.postimg.org/cke1dvtuf/nzdusd.png
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moneymaking Technician
2 years ago
Nice place to get short at :)
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Technician TOP moneymaking
2 years ago
:D well, it depends on whats coming next :)
-1 Reply
Technician TOP Technician
2 years ago
some pairs have been really slow recently, been stuck in some trades for a while now, silver short, eurgbp short, gbpjpy long .. its killing me
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moneymaking Technician
2 years ago
OMG, I am on the same page as you technician. I am myself in at least 5 trades for quite a while. I think the main reason is that there is not many high impact news coming out till thursday. I expect tomorrow to be the same as today. I know, it does kill to be in trades and see the market do nothing. I believe this is part of trading that we should all learn to adapt to :)
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Technician TOP moneymaking
2 years ago
yeah.. patience is a virtue.. but lets hope that it goes well after all the patience :|
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moneymaking Technician
2 years ago
Ya I hope so too =)
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itaskar Technician
2 years ago
hi,can you put here shot why(where) you went long gbpjpy? thx
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Technician TOP itaskar
2 years ago
sure my friend. http://s22.postimg.org/bko3k0ey9/gbpjpy.png

My first half was closed at first target as you can see on chart as i moved my stop loss to entry point.
I will post analysis in a minute
-1 Reply
Technician TOP Technician
2 years ago
Daily
snapshot
-1 Reply
Technician TOP Technician
2 years ago
Four-hour
snapshot
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Technician TOP Technician
2 years ago
And i think i will close the second half now ahead of second target as the 200-days SMA may be a resistance
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itaskar Technician
2 years ago
ah so, now I understand, you went long few days ago, I was just courious because the daily resistance area(minor) right ahead, thx
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Technician TOP itaskar
2 years ago
Just closed the rest of the position.
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Technician TOP Technician
2 years ago
so now, whats active :short EURGBP, short silver, short NZDUSD, long GBPCAD
-1 Reply
Technician TOP Technician
2 years ago
EURGBP you as well...
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itaskar Technician
2 years ago
yep, short EURGBP, short NZDUSD, long AUDCAD in here.
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Technician TOP itaskar
2 years ago
Ok mate, this market don't want to tell its secret yet, hope it moves soon. Very slow recently.
Will try to have some rest now.. See you
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PriceActionTrading Technician
2 years ago
Really slowly indeed. Wanted to short this but NZDJPY has closed above the wedge pattern with a solid bullish engulfing pattern retested and rejected from the wedge pattern. Conflicting signals between pairs/not a good trading week this week.
snapshot
+2 Reply
moneymaking Technician
2 years ago
Hey technician, finally got some movement today in EURGBP, GBPJPY, and GBPCAD :)
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Technician TOP moneymaking
2 years ago
Hehe, absolutely :)
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Tijmen_K Technician
2 years ago
Hey technician dont you have Google on a short anymore?, Can you explane Why :)
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hi this is rupendra will you Gide me please how can i watch live copper chert
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GcNaif MOD
2 years ago
hi tech one more good one Thanks. ur patience on this trade is paying off now,
snapshot
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Technician TOP GcNaif
2 years ago
Thanks mate, we still need to see a breakout below the main key level now at 0.7630
-1 Reply
Technician TOP Technician
2 years ago
if we take it that completes a double top. and the chances will be higher for further downside.
-1 Reply
Technician TOP Technician
2 years ago
I thin Chinese PMI data will play a role in either accelerating the downside or halting it for now.
-1 Reply
PriceActionTrading Technician
2 years ago
GBPUSD just posted a new high. Are you still intending to short/still shorting NZDUSD? Strange market this week
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Technician TOP PriceActionTrading
2 years ago
I am already short from 0.7679. Yeah gbpusd is being supported by todays BOE hawkish tone
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Technician TOP Technician
2 years ago
We have the double top probably completed, no closing yet but we penetrated the neckline decently.
-1 Reply
Anyone already booked some profits from this one? still 40 pips to go here
+1 Reply
moneymaking Technician
2 years ago
Well played trade technician :)
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Technician TOP moneymaking
2 years ago
Still in the game mate. Nothing guaranteed yet until i click on close position :)
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PriceActionTrading Technician
2 years ago
feel like selling GBPUSD. it looks like some exhaustion move from GBP. Noticed that AUD EUR NZD are going down, thus correlation wise it is only logical to sell GBP. Look how fast NZD dropped. Market showing its hand.
+1 Reply
PriceActionTrading PriceActionTrading
2 years ago
Hi Tech,
Just my humble thoughts.
I feel NZDUSD could turn at 0.756.
D1 50SMA 20SMA support
H4 200SMA support
W1 bullish engulfing pin bar just last week (of course it could be exhaustion move but until end of this week we cant confirm it)
snapshot
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Technician TOP PriceActionTrading
2 years ago
If we get to 0.7555 first my target would be hit , then it can go where ever :) ...
Generally there is always lots of ways to see things. for example, we have this weekly pin bar at resistance
snapshot


Then we have these two pin bars on daily
snapshot


So its a bit worrying for me.
+1 Reply
moneymaking Technician
2 years ago
Hopefully your target #1 gets triggered. Best of Luck :)
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PriceActionTrading Technician
2 years ago
That is why i say the market is unpredictable and slightly not tradable at the moment. You enter a trade and once it reaches a target it makes you question the very trade you entered.
There is no clearly defined correlation between major pairs.
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PriceActionTrading PriceActionTrading
2 years ago
Hi tech,
Price reaching said support area. Good profits for you already.
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Technician TOP PriceActionTrading
2 years ago
yes closed position, thanks mate
-1 Reply
GcNaif MOD Technician
2 years ago
based on NU i trade GN and on gn i already booked 200+ pips this morning and left one trade running which is already 350+ pips
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Technician TOP GcNaif
2 years ago
Great picks guyz, enjoy the profits.
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moneymaking Technician
2 years ago
Profit is great technician, but What I believe is more important is that did you follow your plan or not? If this was just an emotional trade than to me it's still a loser, even though your made profit :)
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Tijmen_K Technician
2 years ago
i did :D great work! my position is closed now
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moneymaking
2 years ago
Hey technician, I didn't got involved in this pair but rather in a cross pair to this, GBPNZD. This pair just went 400 pips from today 4:30 am to now and it's still rising. This feels so unreal to me, LOL :)
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Technician TOP moneymaking
2 years ago
wow, thats a fantastic one. Dont be to greedy mate :D
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moneymaking Technician
2 years ago
Ya, for sure. I am looking for a solid target by the way. Could you provide me some help with that. That would really bring my emotions to neutral.
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Technician TOP moneymaking
2 years ago
This resistance looks nice. I would close below it
snapshot
+1 Reply
GcNaif MOD Technician
2 years ago
this is what i traded on GN
Long on Alt Bat pattern
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Technician TOP GcNaif
2 years ago
Is this an alternative Bat?
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GcNaif MOD Technician
2 years ago
yes it is the Alt bat, this rarely happens but when it does ,it gives good solid pips
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Technician TOP GcNaif
2 years ago
Hehe, I like the term "solid pips" . Will be watching this pattern. Thanks mate
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moneymaking Technician
2 years ago
Ya this is the resistance level I was looking at. But my main question is that, should the target be near the close of the white candle or near the wick? The wick itself is holds 128 pips.
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Technician TOP moneymaking
2 years ago
Well i would'nt suggest a target, i will outline resistance levels and you choose what you like :D
snapshot
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bloodbath Technician
2 years ago
precisely at the specified point lies Monthly Pivot.
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moneymaking Technician
2 years ago
This pair is blowing past all 4 hr resistance levels. I am only looking at daily resistance levels for now. I know that this bullish trend on this pair is likely to continue since we got a 4 hr close above 200 MA, this gives us extra bit of conformation.
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GcNaif MOD moneymaking
2 years ago
for me this was the expected move on GN , i had been waiting for it since last week,finally this week gave me the pips .
Long based on Bullish Bat
+1 Reply
DE
2 years ago
Chart Headline says: #NZDUSD: Potential for a Short Trade #forex

I don't like potential I like BUY and SELL now
-1 Reply
Technician TOP DE
2 years ago
Great, get your self a signalling service then
+3 Reply
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