terencetrading
Short

Short NZDUSD Mid-Term, imminent breakout of continuation pattern

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
115 0 0
Simple continuation pattern forming up nicely right now. Also note that the ceiling around 0.7450 is providing a strong resistance, and together with the short-term uptrend line, means that NZDUSD             prices will either break upwards (thus continuing the retracement move up), or break downwards (thus starting the next downwards move).

Hence, DO NOT sell now yet, wait for the break to happen. Do not buy if it breaks upwards, only sell when it breaks downwards.

Start selling by a quarter of your intended full position size, adding on only as prices continues to move even lower. Staggered stops above 0.75, take profit earlier around 0.6838.
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