I was just posting a possibility (After all it is a game of probability). There is no doubt that the pair will face support at 0.8300. But will that hold as a rock ? That is the question. How kiwi can keep going up if there is no more hill to climb.
what a pitty if it’s a long. I wanted to buy at .81 …
Just took it and hoping for the best. Pesently it is -30
and it hit SL… -100 pips
Good luck Bijoy
DD
I’m not saying its a good trade or bad trade. but I have some points because u are a seasoned trader.
- was a TL strong enough to take a reversal trade.
- do u consider it a trade line because the two lower points were too close to constitute a TL.
- after a long downward move it could a retracement.
- price was forming a triangle.
- long term trade was down.
I couldn’t take the trade because I was away or I was thinking of going Long/short at the break of triangle.
thats my opinion.
Points noted by you are definitely having a professional touch. This trade was taken based on Pipcompounders strategy named as (ALMOST) Perfect Swing Trading using Trendlines. I too think it was not a bad trade based on that stategy. The mistake done by me is that the stop loss couldn’t kept below recent low. Other wise the result could have been some thing else. Now the price is still testing the upper side of triangle.
Here is my 14th trade.
Actually this trade was taken in late night(IST) and failed to post in night due to some net problem. Sorry for the delay.
Here goes my short trade on NZDUSD and it is at 0.8475
BIJOY
If you look at the weekly or monthly chart, this level of demand has been tested four times and each reaction was weaker than the previous… Now we have broken through the level and it’s making fresh lows…
Seems to me that this might go for a short-term bounce might I should highlight, perhaps to test the previous low before breaking down.
So in terms of trend, and structure, it was definitely bearish in the larger context so that’s a huge minus.
The initial bounce off the level was at best semi-impulsive so there was no reason to try for a trendline trade. A better trade wld have been to long at around the 1.8226 region, because that seems like where price is likely to be over-extended on the sell side and combined with the prev bullish reaction there might be some justification.
BUT I will still not take the trade because one last factor is missing which is a higher time frame S/R level which is critical for all counter trend trades. We have broken the Support already so I wouldn’t use it here anymore.
Just my opinion, what do you think.
Nice to see you back Shellsnail.
Thing is that NZDUSD is facing resistance again and again at 0.8475. If it holds strongly, then we can expect a sell off on Kiwi. Also GBPUSD is likly for a retracement. If it happens, then I hop there will be a massive rally on GBPNZD. It is just my thoughts.
NEW ZEALAND governor gave a bold statement today if NZD DOESN"t come down we might have to intervene and NZD is not a one way bet so we might see NZDUSD To 8200 level very soon
Now the EURNZD long trade is up by 200 pips. Moved SL to 1.5898 locking 100 pips.
Trailing Stop Hit +100 pips
In my case I applied a 100pip trailing stop (EURNZD), and as of now, 100 pips are also locked in as earnings. Let’s just hope it will still move upwards 
Here is a trade against the trend
This 16th trade, i.e., Long GBPUSD @ 1.5290 is a trade against the trend.
Went Long at a Historical support which acted solidly 5 times previously.
See Chart
BIJOY
Hit SL -150 pips
Hi bijoy! what was your basis for the SL?
Nothing Special. Gave 100 pips lower than the low since July 2010. This may be sufficient for the pair to get a free space, if the pair decides to turn back.
I placed an order for if it hits 1.52 again.
Bijoy,
Do you think we’ll see a rebound on the A/U?