NZDUSD long. Touched daily trend line. Now aiming long

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
TP 1 20
TP 2 40
TP 3 60
Comment: TP 20 was hit then stopped out at entry


It was as tough call. Two things happened at the same time which probably accounted for the big daily candle. It was known that NZD (and AUD) were in trouble after a massive bull run. Then in the last few days both AUD and NZD weakened. On the NZDUSD daily I think what happened is that there was a minor bull run on the US-Dollar while at the same time NZD weakened. So the ratio went south. The chart patterns showed the instability. There may be a shorting opportunity coming up if US-Dollar weakens

jayabedin Captain_Walker
@Captain_Walker, Alright thanks a lot Captain. And I'll keep and eye out for the shorting opportunity.
Some things worry me about going long.
1. Evidence of falling price momentum.
2. Broadening wedge into an uptrend.

For me, these create greater probability for the south. This does not mean it can't go north.
jayabedin Captain_Walker
@Captain_Walker, Thank you for the insight and yes i agree. We'll see how it plays out
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