DocWonmug

NZDUSD 240 long – RSI and PA break, channel bottom

Long
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
I don’t have a lot of love for the Kiwi, and the current PA looks wishy washy. But there are breaks in the RSI and PA trendlines , and the PA got close to the bottom of the channel. I wouldn’t look for a TP above the centerline of the channel for right now. I would sit tight and make sure the PA stays above its trendline before entering – the 15M chart looks suspicious.
Trade active: PA moving above trendline. Entered trade.
Trade closed: stop reached: Well that didn't work too well. PA continued to the bottom of the channel and hit the SL.

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