If Kiwi is bottoming in short term then it should hold the support near 0.6700 during the retest. We will be looking for the conformation during the next few session and start building a position around 0.6700 targeting 0.6900 / 0.7000.
UPDATE: Long in play from 0.6705. Took partial profit at 0.6740. Now we will try to build a position around these levels by rinse and repeat between 0.6680 and 0.6645 until it breaks higher.
UPDATE 2: Bringing the stop to 0.6690. Reasons for that are,
1.) We don't like the fact that price has not been able to close convincingly above 0.6750. So that chances are either downside is about to resume or it may get stuck inside 0.6600 - 0.6740 range.
2.) We were trying to trade the short term reversal here which is dangerous sport itself instead of riding the established trend. So if it doesn't materialize quickly then we have to rethink.
3. ) we have already got 90+ pips from this and don't want to let it go by being stubborn :) We trade the market as it is without trying to predict it.
UPDATE: Long in play from 0.6705. Took partial profit at 0.6740. Now we will try to build a position around these levels by rinse and repeat between 0.6680 and 0.6645 until it breaks higher.
UPDATE 2: Bringing the stop to 0.6690. Reasons for that are,
1.) We don't like the fact that price has not been able to close convincingly above 0.6750. So that chances are either downside is about to resume or it may get stuck inside 0.6600 - 0.6740 range.
2.) We were trying to trade the short term reversal here which is dangerous sport itself instead of riding the established trend. So if it doesn't materialize quickly then we have to rethink.
3. ) we have already got 90+ pips from this and don't want to let it go by being stubborn :) We trade the market as it is without trying to predict it.