Time to sell the Kiwi
Updated
See some notes on chart
The Kiwi is sitting on a 61% retracement from its high to low move of .71473-.69633. CMF(26) is heavily bearish
WPR(9) is in an overbought condition. The last couple of bars have been indecision bars (tops/dojis whatever). My original thesis was negated due this switch in CMF(26) since I last posted on Sunday. This is however setting up for a nice selling squall I think. Looking to short the pair on a strong candle down after the WPR(9) pulls back from overbought. A logical stop loss would be .70931 or slightly above. We should test target #1 the low of .6933. If that is breached with conviction, .69131 is not far behind (target#2) Risk reward to be posted on entry.
The Kiwi is sitting on a 61% retracement from its high to low move of .71473-.69633. CMF(26) is heavily bearish
WPR(9) is in an overbought condition. The last couple of bars have been indecision bars (tops/dojis whatever). My original thesis was negated due this switch in CMF(26) since I last posted on Sunday. This is however setting up for a nice selling squall I think. Looking to short the pair on a strong candle down after the WPR(9) pulls back from overbought. A logical stop loss would be .70931 or slightly above. We should test target #1 the low of .6933. If that is breached with conviction, .69131 is not far behind (target#2) Risk reward to be posted on entry.
Trade active
6-16-12:00 am - 4:00am this candle moved for us and triggered our entry @.70557 putting us in the drivers seat with a quick 77 pips (as of now )and approaching target #1 @.69633Trade closed: stop reached
Should've taken the position off, stop reached by being greedy. Ungh
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