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i have spent a bit of time looking at the last two days action.
im still slightly sceptical that this has been an impulse move higher as action looks more corrective in nature.
there is some heavy fib action around 77.20 , the target that i was certain would get hit did not ( 73.80 )
seems market sentiment has turned bullish so i am going for 1 final short from 77.20 open target 60 pip stop.
http://i183.photobucket.com/albums/x...99/NZDH1-2.jpg
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overnight action trailing 60 pip stop , stopped out for + 30 pips
77.20 looks like strong resistance as anticipated .
this is the line in the sand for future trades be it a good place to set stops for shorts or if broken should become strong support.
i have another short on from 77.20 just scouting direction.
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Hi thanks DA,
I was stopped out also last night NZDUSD but a risk offset on long AUDUSD was positive.
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Hi DA
i am looking to get short at .7720 or the .7780 which is the 61.8 retrace of the last down move!
i agree that kiwi still in downtrend,well is on the daily no higher highs or higher lows yet only the opposite.
FWIW i would want to see .7960 taken out before i change my bias
cheers
roddy
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Hi roddy , getting close to a short , maybe there already , i personally favour one more wave higher from here
Maybe into mid 78s.
Will review action over next couple of days.
Gl
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Hi DA,
Thks another good call,
are we there yet ... .7856 in last hour
Thks & rgds
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hi , worth a good look here for a short.
some fib action ahead at 79 area should serve as a protective stop
completed pattern and channel line hit.
as this was an extended fifth wave should come down pretty swiftly.
care needs to be taken though as that was quite a powerfull counter trend rally, so a little more confirmation would be good.
http://i183.photobucket.com/albums/x...99/NZDH1-3.jpg
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im going place sell orders at 78.70 and 78.90 with a stop 79.40.
may just get one more spike up which will take us close to big resistance at 79 level.
if i miss this entry will catch a retracement on the way down.
just closed out a longs for 110+, 70+.
gl
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the short orders still stand as previous post ,action still suggests a run at 79 area.
i have just closed a short position for 80+ and will now go long from 77.45 and target 78.70.
however this does not change short expectations.