NZD / USD Intraday Short Sell? Possibly?
Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis
For my daily outlook on this pair I noticed that price tried to break out of this range and tried to break through the resistance zone of 0.71400 and had a very hard time breaking through this zone and got rejected. I want to get in this trade for the short sell but I am a little iffy of a possible pull back before making a bigger move to the down side. I am going to wait for more confirmation before getting into this trade but if it shows momentum to the downside I may possibly get into this trade. The only reason I am looking at this as a major push to the downside to hopefully break out of this range is the past few daily candles that have had no luck at all pushing to the higher highs. To me this shows whos really in control, which is the bears in this case.
Hourly Analysis
On the hourly it is only confirming my trade here and shows more reason to get into this trade, it had made lower lows in the past few hours and showed more bearish momentum by breaking below these recent lows as well. I think I am going to wait for a little more confirmation before getting into any trades and I will also be watching my risk percent here since I am not one hundred percent about this trade since it still is in that range.
Psychology Thought of the Day
For this situation and this current account I am ever going to risk one percent of my total capital for a single trade, but I am not too sure about this trade just due to a possible pullback and can get stuck in this current range and just go back and forth. On this trade I am only going to be risking half a percent, which does not seem like a lot but think about it in percentage wise and if the trade is going back in my favor I can always add on to my position in the future. I may as well lower my risk percentage at the beginning and add on to it as it goes into profit, even if you have a smaller account do not risk too much, you are not going to become a millionaire if you blow your account on one trade.
Thanks again,
KeySlot
Daily Analysis
For my daily outlook on this pair I noticed that price tried to break out of this range and tried to break through the resistance zone of 0.71400 and had a very hard time breaking through this zone and got rejected. I want to get in this trade for the short sell but I am a little iffy of a possible pull back before making a bigger move to the down side. I am going to wait for more confirmation before getting into this trade but if it shows momentum to the downside I may possibly get into this trade. The only reason I am looking at this as a major push to the downside to hopefully break out of this range is the past few daily candles that have had no luck at all pushing to the higher highs. To me this shows whos really in control, which is the bears in this case.
Hourly Analysis
On the hourly it is only confirming my trade here and shows more reason to get into this trade, it had made lower lows in the past few hours and showed more bearish momentum by breaking below these recent lows as well. I think I am going to wait for a little more confirmation before getting into any trades and I will also be watching my risk percent here since I am not one hundred percent about this trade since it still is in that range.
Psychology Thought of the Day
For this situation and this current account I am ever going to risk one percent of my total capital for a single trade, but I am not too sure about this trade just due to a possible pullback and can get stuck in this current range and just go back and forth. On this trade I am only going to be risking half a percent, which does not seem like a lot but think about it in percentage wise and if the trade is going back in my favor I can always add on to my position in the future. I may as well lower my risk percentage at the beginning and add on to it as it goes into profit, even if you have a smaller account do not risk too much, you are not going to become a millionaire if you blow your account on one trade.
Thanks again,
KeySlot