From some time NZDUSD is at the bottom of the channel. The golden rule of trading (doesn't matter if it's currencies, stocks, cars, video games) is to buy when it's cheap and sell when it's expensive. When you are buying TV - you know which one is cheap, and if you are doing little research you can say that some time ago the price was higher/lower and on that basis you can decide if it's worth to buy it now or wait. The same situation is on forex. The price of NZDUSD seems to be low right now, so for me it's time to buy and make 5-10% here ;) And that's why I'm planning to open L at the beginning of next week. I will put my stop-loss on 0.665.
@bobbyontherocks, If you play price action or something like that, downtrend looks strong, and it's not a moment for opening long positions.
But what I'm doing here is playing it basing on price and channel, so I will not wait until trend will reverse, but I'm just buying when price is low. This goes beyond technical analysis.
What is important here is potential profit much bigger than potential loses, so this trade is - in my opinion - worth the risk.
Timeline for this game plan is about month or two, so I will just wait. Stop loss are there so nothing to do :D