I bailed on the position in the end. I was planning on holding it longer term but then decided to day trade it & as the day had already moved a good few pips & I didn’t like the pin-bar on the 5-min chart (it’s a fair wick on it) so I closed out the short for an acceptable profit.
However, from the pin-bar, I took a cheeky long back up to resistance for a win & I’m short again (with a tighter stop) & this one I plan on holding for a few days…maybe.
I appreciate that fundamentals are what moves the market but I look at everything from a technical stand point. If the outlook is bullish but the chart is still showing lower highs & lower lows then I’ll be looking to sell until the Bulls have made their mark on the charts so a convincing break of a high or something. I’ve not looked at any correlation or anything. Long term, Im bullish but currently I’m now thinking of sell opportunities until we get back above 2.3060
[QUOTE=“PipMeHappy;735687”] This is a solid run… Four hundred pips down since the start of the week… <img src=“301 Moved Permanently”/> How far will this go?[/QUOTE]
Yeah, it’s quite the drop.
I’m hoping that the brakes go on for 2.2500 as after the low of 2.2360 from 15th Oct, it’s another big drop down to 2.1000.
Yeah, it’s holding up pretty well. GBPNZD is a pretty new pair to me but it appears that the 20EMA holds up better on the downside than when it’s bullish.
I’m also finding that you get deeper pullbacks when it’s trending upwards (50%-75%) where as 38%-50% Fibs works well for the Bears.
Just a couple of my observations, not to be marked in stone.