NZDUSD: The Last Trade Have On

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
It's been a very slow week for me, but luckily Jason is picking up the slack. Going into Friday's Job Report I have no intention of entering any new positions aside from this potential bullish bat pattern on the Kiwi. NZDUSD is in a very interesting position as our HTF trend has bounced off previous structure resistance , yet our LTF trend has recently created a NSH and is retesting previous structure support . Consolidation perhaps?? Hope so since that would work well for pattern traders. VERY IMPORTANT. IF this trade does not trigger before tomorrow mornings top-down analysis THEN I will remove all orders as I want no parts of the crap shoot that is the Non-farm Payroll report.

As always it's Thursday so that also means the release of my weekly WEEKEND REVIEW video. (link at bottom)) In this week's video "Dollars Don't Matter" I talk about this NZDUSD trade, how we can help each other out in the initial phases of backtesting an updated version of an inside bar breakout strategy that i used to trade, and of course an update of how Jason and i have down int he Syndicate. here's a clue...I haven't done much lol

Lastly make sure you clear your schedules for early April ;-)
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Hey Akil, I have one question, Which line on this chart would you consider your resistance/support? Reason Is, how would you classify that? As in a break re test or Simply a test of structure?
moneymaking daniel.garnier.10
Hi, I believe Akil will not be available this whole week. He announced it in his youtube video on his youtube channel. As far as I know, the bottom line should be your support, if current market price is above it. For the top line, I don't really see any key levels to call it a resistance. So for the top line, I would not call it a resistance. I hope this helps. :)

Hey brother, Thanks for the reply, Heres the points highlighted. Whats your view?
moneymaking daniel.garnier.10
The main thing to keep in mind is that, when looking for support and resistance levels, you want to make sure that the market moved quiet a lot from that level; in order for it to be significant. Second, thing to keep in mind is from what time frame were the support/resistance levels drawn from. As we go to higher-time frame, support/resistance levels are more reliable. The points you marked, do hold some value, but the time-frame is not that great. The market has moved up and down between those key levels, thus making them irrelevant. Hope this helps!!
Akil_Stokes daniel.garnier.10
I look at structure as being a zone, so both would be a part of that zone
+1 Reply
moneymaking Akil_Stokes
Hey Akil, I totally agree. The market might not stop at a specific level, but it will stop at a zone. I thought you might not be available this week, as you told us in your youtube video :)
+1 Reply

well the market did its thing at that level lol. The reason i asked is that, i dont know if that wouldve been sonsidered a break above close above or just a retest
moneymaking daniel.garnier.10
Yes, in the future you can call the upper line resistance, since the magnitude of the downside move we got was very large and we also saw many candles with long wick at that level but they all closed below the upper line. So ya, I would call it a retest of the upper line, since we did not break above and close above the upper line. Hope this helps :)
G'day Akil. Even though the market blew through your posted setup, I think there is still a trade to be had. I've just posted my idea and would like to get your input. I'm just looking to see if I'm reading the structure correctly.

Thanks mate, always appreciate your insights and advice.

The level of structure looks to be okay, But not enough for me to want to get involved. We'll see how the markets look next week but from experience I don't expect anything that will interest me at this level. I'll just have to keep waiting on this pair.
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