NZDUSD testing selling area, remain bearish
Updated
Sell below 0.6885. Stop loss at 0.6922. Take profit at 0.6823.
Reason for the trading strategy (technically):
Price continues to test our selling area. We remain bearish looking to sell on strength below major resistance at 0.6885 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish price action) and we expect to see a corrective drop from here to at least 0.6823 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) still has good downside potential for our drop.
Correlation analysis: AUDUSD is similarly expecting a strong drop.
Reason for the trading strategy (technically):
Price continues to test our selling area. We remain bearish looking to sell on strength below major resistance at 0.6885 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance, bearish price action) and we expect to see a corrective drop from here to at least 0.6823 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) still has good downside potential for our drop.
Correlation analysis: AUDUSD is similarly expecting a strong drop.
Trade closed: stop reached
Damn it! bloody NZD I have no idea what the hell is wrong with it lol. Even with AUDUSD dropping hard.Anyway, the funny thing is that we still made on this trade as we were taking shorter term positions off key levels. This is the part of trade management which is crucial and also something we would be doing a lot more in our trading room :
screencast.com/t/WJ1Z8GlUUW9
Sorry about the SL guys, it sucks when we hit the SL and I take the full brunt of it too ><
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