Long Wicks Appearing on NZD, So.....
NZD hasn't been kind to me of late, as I've lost on four consecutive NZD trades I've placed. But when I see an opportunity I think is legitimate, I feel compelled to go for it. Yesterday's daily charts showed lots of long wicks on NZD, often occurring at a previously established resistance level or a key moving average. WIth that in mind, I decided to short EURNZD, where I thought the downtrend was especially clear and likely to continue in light of price action the Euro is showing relative to other currencies. I'm short EURNZD at a minor resistance level of 5821, with my stop at 5921 and my target profit of 5403. This gives me a reward/risk of 4. The trade is very similar to a previous EURNZD trade I put on; I simply re-calibrated the entry and stop loss levels a bit based on recent price action.
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