NZDUSD 240 long – RSI and PA break, channel bottom

I don’t have a lot of love for the Kiwi, and the current PA looks wishy washy. But there are breaks in the RSI and PA trendlines, and the PA got close to the bottom of the channel. I wouldn’t look for a TP above the centerline of the channel for right now. I would sit tight and make sure the PA stays above its trendline before entering – the 15M chart looks suspicious.

Trade active:

PA moving above trendline. Entered trade.

Trade closed: stop reached:

Well that didn't work too well. PA continued to the bottom of the channel and hit the SL.