Hello,
Yap Agree.There is a pinbar on daily chart.but need to await the price confirm it.
Cheers,
Quote:
Originally Posted by ;
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Hello,
Yap Agree.There is a pinbar on daily chart.but need to await the price confirm it.
Cheers,
Quote:
Originally Posted by ;
1 Attachment(s) I don't generally look at classic chart patterns but that is only so neat, also it looks like a fantastic volatilty b/o play with. Can go either way.
But how much higher will people let it move? I presumed the 70's was top heavy.
Any one please explain what's going on with NZDUSD.
Will it again hit 7500 or 7200?
Pull out a chart. We're going through a uptrend but we have just banged retracing a bit down off that amount. So far as I am concerned, it's ideal to sit it out for the time being until that 0.75 degree is taken out to the upside, or so the uptrend is broken to the downside.
I'll play it shrewd and remain sidelined on this currency pair for the time being until the market shows clear signals of its forthcoming direction.
I went yesterday on powerful Retail Sales. Too little too late, therefore I am chewing on a -5 to 15 exchange for several hours. But Im looking for powerful fundamental to inspire new trades in the 0.74 area.
Gonna review that place on tomorrow's USD data.
I really prefer to read price action on the shorter time frames at decision-taking loions, such as areas of key support/resistance like the 0.7500 historic high we hit not long ago: is price busting through at momentum? Are we seeing weakness signs? Perchance a reversal pattern or consolidation? Or are we snapping down that level at a momentum thrust?Quote:
Originally Posted by ;
Basically, when price hits a level of decision-taking, I zoom into the shorter time frames and also ask myself: alright, what's price doing at this exact moment?
Let me illue with a screenshot of what I was reading when we hit the 0.7500 area (previous historic high) and these are the notes that I took in my trading notepad:
- Price hits previous historic high of 0.7500. Time to zoom into time period to read price at the level.
- Price doesnt take out that level.
- Price enters a sideways range.
- Price forms a triple top.
- Price breaks the up-trendline.
- My Moving Averages begin to flake out to the downside.
- Price retests that trendline from below.
- Sideways range broken to the downside.
- My Moving Averages and Price gradually falling south.
CONCLUSION: 0.7500 holding price once again, at least for now. The price action reading exercise if price re-tests that level again in the near future.
PS: anyway, this is what I do when price hits one of these decision-taking levels. I am not saying it is the only way nor the way to read what price is doing. It's just my way of trading.
https://forexintuitive.com/attachments/1518486538.jpg
This pair is discussed here:
https://forexintuitive.com/discussio...-software.html
The driving force of the Bull NZDUSD is your NZDJPY - the carry traders. NZD has the interest in the market and supplies the best swaps per equity - GBPJPY pares no better.
In my view as revealed on that thread, NZDUSD is doomed to 0.65. All we need is confirmation from:
1. NZD data to reveal. Unfortunately DATA aren't exercising in favor of the short as one number that is great comes after a second.
2. JPY carry unwinding. Up to now, JPY carry traders are still in waves that are full.
3. See their Gov Official Bollard? Make cursing statements against NZDJPY traders. Everytime he does so, NZDUSD drops 20-30 pips.
Shorting it @ 0.75 is your Holy Grail - IF it reaches 0.75! You overlooked the ride.
NZDUSD is simply tooo high to buy.
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BTW. . Nothing we can do if NZDJPY traders wants it to go up/down. Follow their guide.
Remarkable reversed Shoulder and Head in the 4hr. If information comes out so later on, would offer a wonderful chance, nice R:R.
Thoughts?
heading for 0.7100 I would say.
https://forexintuitive.com/attachmen...1569923366.jpg