Think this one might have been a mistake as NZD/USD is trading at new highs.
Had a sell entry order triggered at 0.84 but thinking of closing it out early instead of letting it get to the stop loss of 84180.
Anyone else trading this pair right now?
Hi mate, yes it did look a tempting range play didn’t it. Stochastic on daily is oversold and there was a divergence building last time I looked however the fact remains it has now broken a resistance level and closed above. So u need to make a choice now. I didn’t take the short (it was on my radar) as there were no supporting candle patterns. So may be an idea to swat up on such patterns for next time. Good luck mate! 
Also notice the bullish engulfing pattern slightly above resistance on the 10th. Bullish. These are a must to learn. I ignored them for too long to my own cost.
Decided to close the position when it had a quick pull back. Lost a little over the spread, which isn’t bad cos my stop loss was going to be a much bigger loss. Now I’ve gone long instead, hope it works out. If the price tanks now that will be disappointing lol.
Edit: Thanks for the tip! Long position looks good so far, it shot up to the pivot line, and now I’ve moved the stop loss to break even.
good work mate. As I missed getting in on that candle pattern the other day I will wait for a pull back to former resistance and see how pa reacts before going long. happy pipping!!
Hi aus,
Not to be a wet cloth, but what did your trade plan say before you entered the (short) trade?
Deciding on how to manage the trade after your in is a psychological mess producing inconsistent results.
With regards to the question at hand:
I think the NZDUSD is at a key level (monthly highs). This is definitely a great place for shorts, but not without price action confirmation. Also tricky for longs IMHO coz it’s a key resistance (price could turn here).
In short, I’m watching on the sidelines in order for price to show where it wants to go.
Cheers!
My swing trade scenarios:
(a) Price breaks through resistance, and pulls back to old resistance/new support and produces bullish signal
(b) Price pulls-back to current new support (around 83.50) [ untested ] and produces bullish signal
© Price pulls-back and breaks 83.50 support then retraces to old support/new resistance and produces bearish signal.
