NZDUSD Long - 25 November 2016

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
64 0 5
- After my initial trade was stopped out #NZDUSD Long - 22 November, price has then formed a mini hammer at the channel support, daily horizontal support with round number at 0.7

- Hopefully this time round the bull momentum is genuine
- Set 15 pips above the hammer high @ 0.7025

- Similar to my previous trade on NZDUSD             , estimated bull run would be 300 pips based on previous run.
- Set 200pips profit target from the low @ 0.722

- Set slightly below yesterday low @ 0.697

- This might be another bull trap?
- If bull does arrive, do pay attention for price reaction @ 0.72 round number and 20/50MA resistance
Trade active: Updates - 27 November 2016:
- Buy stop triggered
- The last day of the trading week closed bullishly and formed a morning star pattern at the daily horizontal support @ 0.7
- With these, hopefully next week will be a better week for me in this trade :)
Trade active: Updates - 29 November 2016:
- Yesterday candle closed at higher high
- It seems the support i mentioned earlier is working
- Potential bearish reaction at the MA region
Trade active: Updates - 30 November 2016:
- Yesterday candle closed strongly at higher high
- Currently, the price is approaching the 20/50MA resistance, which could be a challenge for the bulls.
- At this point of time, will hold on to this trade and observe the price action at the MA area.
Trade active: Updates - 1 December 2016:
- Ouch, similar to my Copper trade, yesterday session started well but ended ok for me as the price tested the 50MA resistance and reversed downwards...:(
- Profits shrink from 140pips to 55pips....:(
- I will continue to hold on to this trade and will only quit if there is another bearish signal.
Trade active: Updates - 2 December 2016:
- Yesterday session closed a slight bullish doji...
- It seems like price has not been as bearish it was 2 days before.... but still weary of the recent strong USD.
- Continue to hold on to this trade unless another bearish signal comes around
Trade active: Updates - 4 December 2016:
- The last day session of the trading week closed bullishly approaching the 50MA resistance which previously had a bearish reversal candle
- Lets give my TP one more chance without moving the TP
- Will only make changes depending on the reaction at the 50MA resistance
Trade active: Updates - 6 December 2016:
- Price started off bearishly, gapped down and went south. This could be due to the announcement of the NZ PM resignation.
- However, the daily candle closed a bullish hammer pointing north.
- At this point of writting, there is 60pips before my target. I have move my SL to my entry point.
Comment: Updates - 7 December 2016:
- Not much price action from yesterday session
- To hold on to this trade
Trade active: Updates - 8 December 2016:
- Yesterday session showed bullish momentum which closed a bullish marobozu.
- In this point of writing, there is still 40 pips before reaching my target.
- To hold on to this trade
Trade closed: target reached: Updates - 9 December 2016:
- Yesterday's session closed a shooting star alike formation after the earlier bull momentum diminish.
- Luckily my trade has reached its target and yield 193pips :)
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