I opened a short on $NZDUSD when daily closed below DC20 on 20Sep2019 - this is still open. Price is below MA200 and I am expecting the trend to continue. RSI is bearish.
TP TBD - trailing stop can be used driven by DC20 (if daily closes above DC20) and the same applies to SL. Otherwise potentially if the monthly support of 0.62 breaks the next ones are at 0.5928 and 0.4891. Weeekly and Monthly are below MA200 with bearish RSI and both broke DC20. However w/o mixing timelines and focusing on the daily TF only trend continuation may be expected with a higher probability. The market will decide eventually.
Thank you for the likes and comments and please trade carefully and only with money you can afford to lose!
TP TBD - trailing stop can be used driven by DC20 (if daily closes above DC20) and the same applies to SL. Otherwise potentially if the monthly support of 0.62 breaks the next ones are at 0.5928 and 0.4891. Weeekly and Monthly are below MA200 with bearish RSI and both broke DC20. However w/o mixing timelines and focusing on the daily TF only trend continuation may be expected with a higher probability. The market will decide eventually.
Thank you for the likes and comments and please trade carefully and only with money you can afford to lose!
Trade active
Comment:
Approaching 1D MA50 - decision time and may hit SL shortly. Let's see.
Trade closed: stop reached:
1D MA50 and DC20 broke. 4H MA50 crossed MA200. Probably price will revisit 1D MA200. It fulfilled my SL criteria.