NZDUSD: Time for a Trend-following Trade
The pair has been consolidating within the past few weeks, after hitting near the major support area at 0.7700, where price has been pushing gradually higher in a potential rising wedge pattern, which has bearish implications.
As we approached 0.8800 key broken support level, the price was rejected today, and could be forming a pin bar candle at the descending resistance for the overall bearish wave. I am playing a short from here.
Trade Safe, and Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
As we approached 0.8800 key broken support level, the price was rejected today, and could be forming a pin bar candle at the descending resistance for the overall bearish wave. I am playing a short from here.
Trade Safe, and Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
==================================================================
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game
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