FX:NZDUSD   New Zealand Dollar / U.S. Dollar
61 10 3
SHORT down to support.
Didnt go as expected. Lets see how price behaves at the double top level
+1 Reply
It was a great idea, that one!
Olu moorekapital
Agreed. However if I had put my money in it. I would have lost money. now look at the double top issue. Sometimes the markets expect all of us to trade a certain way and they wait for us to do it. It is not a great risk if one sells now and places the stop above the double top high
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I think much of trading is got to do with the skill to manage the trades.
Olu Olu
Sorry I meant it is a better idea to sell against the double top
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You see......you had no idea whether that long Higher Prices Rejection bar off the channel high was gonna fail. However, If you too the trade, and were listening to price, and reacting to its footprints, rather than predicting what it was gonna do, Im sure you'd broken even on that short , save your hard earned capital, and now you can trade the double top
Olu moorekapital
I hear you MC. However I am not able to look at prices during the day because of my job. So I would have lost if I sold. However the double short trade looks more interesting to me
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Hey Olu, this is just a MODEL discussion. Im even speaking to daily charts. I work a 7-2 job as a Physics/Chemistry Educator. I neither have ample time to stare intra-day charts=waste of time, and a recipe for curtailing great trades prematurely. I prefer to view charts once a day, NY close. But then, when I get some holidays from 7-2, I do watch the markets. But then, Imagine that signal as a daily chart. And that you watched market at NY close, and saw that first huge move up bar. by the close of that bar, I would have tightened stops to Breakeven ;)
Olu moorekapital
You are right MK. We have similar time constraints. In many ways just being able to check the charts might be a good thing. Longer timeframe trading is it for me
i appreciate all the comments and input, my stop did get hit last night. Yes, I'll be watching closely the NZD over the next few days for another good entry
+1 Reply
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