AUDNZD - Classic Break & Retest!
Analysis:
Bullish Confluences
Bearish Confluences
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Bullish Confluences
- In an upwards trend
- Retesting an area of significance
- 61.8% fib retracement level touch
- In an ascending channel
- Upwards trendline touch
- 11K short position decrease for the AUD
- 2K long position decrease for the NZD
- Recent AUD news has been bullish
Bearish Confluences
- The AUD is the 2nd weakest major currency whereas the NZD is the 4th strongest major currency
- 7K long position decrease for the AUD
- 1K short position decrease for the NZD
- Recent NZD news has been bullish
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Trade active:
Our entry criteria has been met and our order has been filled. We are long looking for this upwards trend to continue and push price higher as the AUD strengthens or the NZD weakens!
Trade closed: stop reached:
Trade Closed
(-1.04R) Made
After Trade Comments:
This trade got closed out last night due to spread which whilst is annoying, it's part of the trading game so you've just got to accept that things like this happen and move on. With that being said this trade wasn't looking good anyway as from once we entered we saw our support level get broken with a strong bearish candle indicating that there might be some more downside to come, but we've got out of this trade now so it doesn't matter. This trade was completely to plan but price just didn't move in the way that we expected it to. With the recent winning streak we've been on and the great RR trade we caught previously this loss was completely expected and within our trading limits so there is no need for us to worry. We know our strategy inside out and we are comfortable with taking losses because everyone takes them. In trading you're essentially predicting the future and to think that you'll be right every time or even half of the time in the long run is practically impossible. This is why you need to be okay with taking losses and this is why most profitable traders don't have a high win rate. Think about it! Like we always say, onto the next!
Stay Safe - The JPI Team
(-1.04R) Made
After Trade Comments:
This trade got closed out last night due to spread which whilst is annoying, it's part of the trading game so you've just got to accept that things like this happen and move on. With that being said this trade wasn't looking good anyway as from once we entered we saw our support level get broken with a strong bearish candle indicating that there might be some more downside to come, but we've got out of this trade now so it doesn't matter. This trade was completely to plan but price just didn't move in the way that we expected it to. With the recent winning streak we've been on and the great RR trade we caught previously this loss was completely expected and within our trading limits so there is no need for us to worry. We know our strategy inside out and we are comfortable with taking losses because everyone takes them. In trading you're essentially predicting the future and to think that you'll be right every time or even half of the time in the long run is practically impossible. This is why you need to be okay with taking losses and this is why most profitable traders don't have a high win rate. Think about it! Like we always say, onto the next!
Stay Safe - The JPI Team