vlad.adrian
Short

NZDUSD - Calling another short

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
161 3 8
I've been wrong twice in a row about this pair, but I still believe it's a short trade.

Looking at the weekly, it looks to me like we are in a flag formation that keeps whipsawing and making false breakouts. It is still a downtrend if you zoom out.

On the daily chart , a confirmed double top formation is the trigger. I will play this trade in two ways. I will take some money off the table just above the 61.8% retracement, because if I am wrong about the weekly chart, that is where this pair should stop falling. I've been wrong in the past on this pair, so I might as well play it safe.

The remaining part of the position I will keep until I change my bias, 0.62 is a level where I will have to reassess, if NZDUSD             goes there of course.

Note that the stop level is a close over type of stop, I do not close a trade until the day ended above or below (depending if it is a long or short trade) my stop. This goes for all my trades.
jangseohee
5 months ago
snapshot

maybe one more marginal top
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vlad.adrian PRO jangseohee
5 months ago
Could be, I will have my stop pretty high.
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dead2live
5 months ago
Hey friend. I agree. I see the flag on the WK but know that this pair can burn. I also discovered AUDNZD is likely to tank, possibly to 0.91 based upon its flag pattern an Bulkowski calculations. Makes me think something might be up with NZDUSD and its potential rise. Perhaps a weak dollar? Wish I knew more fundamentally.
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