NZD/USD -
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Price bounced off the 618 again yesterday but failed to
rally significantly off it, we are back in that area again at present. We need
a break of yesterday’s highs to open the upside towards the BF786.
FOR TODAY:
We will look to see if we get support at yesterday’s
lows, or if price will break the lows and head for the 786 lower down. Shorts
are not considered at present.
Only a sustained break of 7839 starts the reversal process on
this timeframe.
If we don’t get the setup we are looking for then we
don’t trade.
SHORT: Will be
going short only IF:
No short setups according to the system, we don’t have
the requirements in place, we need a test of the BF786 higher up.
If we don’t get the setup we are looking for then we
don’t trade.
LONG: Will be
going long today only IF:
Look for a test of the 618 again followed by a bullish
cs formation for a long entry. Limits here will be 10 pips inside the BF786.
Stops will be 10 pips below the low of the cs formation, max 1% risk. If 7928
breaks then we look for support down at the 786.
If we don’t get the setup we are looking for then we
don’t trade.
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