NZD/USD - So many Long on this pair - Not me - SHORT
I cannot get excited about a long on this pair, a fat daily sell candle is there to see, and look at this hourly time frame.... rejection, rejection, rejection, but we do have lots of numbers this week and the Kiwis keep contradicting us with their hawkish and dovish chat, only time and the market will let us know, but risky, frisky this one, in for a 0.5% risk on this trade....
Comment:
We've had an aggressive response from the bulls from both the Kiwi and Aussie dollar today, but this pair wasn't able to push through resistance @0.69325
We have a rising trend line and the resistance zone above forming a bearish ascending triangle with three touches of higher lows and diverging volume as the pair moved high. This could easily break either way with volume, the right news and the right time of day, but I'm still bearish. Should we break the resistance line above, I will exit the trade.
We have a rising trend line and the resistance zone above forming a bearish ascending triangle with three touches of higher lows and diverging volume as the pair moved high. This could easily break either way with volume, the right news and the right time of day, but I'm still bearish. Should we break the resistance line above, I will exit the trade.
Trade closed: stop reached:
Pair broke higher after poor US reports at midday, took a loss.
Comment:
I re-entered the short on the highs of this trade and I'm back into profit.
Comment:
Today will be one of those days when trades are trying to find their levels, break levels and support new trends, you can see this in the aggressive moves happening very quickly.
It's incredibly important you stay patient for an entry, don't enter to just be in the market and if you've got a trade on a long-term, swing trade, be prepared to see larger sideways movements and therefore don't sit and watch them, don't enter with anything less than a 15m timeframe and preferable a 1h.
The US$ is weak right now with a building Kiwi, good pair to find a bullish short term move.
It's incredibly important you stay patient for an entry, don't enter to just be in the market and if you've got a trade on a long-term, swing trade, be prepared to see larger sideways movements and therefore don't sit and watch them, don't enter with anything less than a 15m timeframe and preferable a 1h.
The US$ is weak right now with a building Kiwi, good pair to find a bullish short term move.
I have no need to be a bull right now, my target, is lower down at 50% fib @0.68390 and 61.8% @0.66570 ... enjoy