NZDUSD is now in testing this major TL, it's place where we should watch closely. We maybe get one more bounce up or if they BO the TL then we have a very nice sell, and that's the trade we should not miss.
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Do we have a fake BO?
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It wasn't a fake BO!
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Adding more as shown below, for more safe entry or add wait for break and retest of that level.
It needs a catalyst most probably with today's trade figures for the NZD as they seem to be weak by consensus. It can go either way. NZD is a high yielder and has come down quite a bit. Whats going for it is there will be no more cuts if any until 2017
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@mshuaibi, very good thoughts! thanks for sharing!
Bug
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are you waiting for bottom price (0 .6960) break? do you enter trade immediately after the break or retest ?
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@Bug, it depend on how the candles looks, and the momentum of the break, but at retest almost 80% of the time.
How to place TP and SL levels for this trade, sir?
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@CumaliTurkmenoglu, That would be very hard to tell :) everyone have his own situation, account size, risk level etc. It depends on how long time you want to hold the trade also. I will be trailing my SL above the 4H 20 MA and try to ride it down.
CumaliTurkmenoglu
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@abozahra, Thanks a lot, sir.
Just asking. The trend is bearish ant it has already duble tested the supportL and break it, do we need to wait for a retest the same level as a resistL?
PA-FX
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@CumaliTurkmenoglu, Do you mean the new level? at the 0,70323? it depend if you want to play it safe then yes you wait otherwise you go for it directly :)