Background: - 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
Entry: - Hopefully this time round the bull momentum is genuine - Set 15 pips above the hammer high @ 0.7025
PT: - 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
SL: - Set slightly below yesterday low @ 0.697
Alert: - 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
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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
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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
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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
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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
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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
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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
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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
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Updates - 7 December 2016: - Not much price action from yesterday session - To hold on to this trade
Trade active
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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
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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 :)