moorekapital

NZDUSD: LOOKS A BUY BUT BUYING PRESSURE NOT CONVINCING

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
35 4 4
Trend Is Still Down, And Any Trade Up Is Still Counter Trend.
This Looks To Pass For My Major Trend Reversal Setup, But Has Not Satisfied All Qualifiers

Double Bottom
Trendline Breakout, But Not many Bars Yet....
I don't trade double bottoms, they seldom work. In Elliott Wave terms, that's an ugly way to form a reversal. I can't see it fitting with anything convincing. (although corrective structures can take a myriad of shapes, so it's really hard to predict price action in FX with EW).
In time at mode terms, I see some minimal upside left for gold, and thus for nzdusd. I'd gladly short the top of whatever rally comes out of this juncture. But going long, no, thank you.
+1 Reply
moorekapital IvanLabrie
"LOOKS A BUY BUT BUYING PRESSURE NOT CONVINCING":

Any buy here is counter trend. I think there's some minor up move in this, though trend is down, as I pointed out. Risking 30pips, I could buy Limits, 75% of RE bar, and TP @ RE High for 63pips = 1:2 Paid There. Not A bad trade, just Low probability ;)
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IvanLabrie PRO moorekapital
5 bar trend is down too. I see little reason to risk it here.
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moorekapital IvanLabrie
Not in. Just testing idea ;)
+1 Reply
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