Since none of the currency pairs appear to want to cooperate with me at this time, it was my hope that AUDUSD would offer my first opportunity this week to begin recuperating my losses, and indeed, it did briefly present the chance to begin to do so, but I was asleep at the time, and unfortunately, my take-profit target was never hit. Nonetheless, sooner or later the market makers will have to return to their normal modus operandi…so at this time, I’m going to take another shot by buying NZDUSD at 0.6573.
I’ve recouped about a third of the loss NZDUSD handed me earlier, but I’m hoping the New Zealand pairs will give me back the rest over the next 24 hours.
Why do i have the feeling that this is one of the currencies that are driven by metals all the time maorly ?
It all depends on the time frame. My charts told me to lock in profits at 0.6573 (but unfortunately, I was asleep at the time). Right now, ALL of my lines are bearish EXCEPT for the moving average with the most lag, so this is NOT a time I would be entering a long position.
I will be too busy over the next few months to trade my system properly. But if this were not the case, I would have been there four or five hours ago to note when NZDUSD signaled the resumption of bullish intentions at 0.6540 and been able to bank 20 pips at this point. As I noted in a recent post, my “core” moving average (the one with the most lag) has yet to show any signs of turning south. As long as this is the case, I cannot regard NZDUSD as having an overall bearish sentiment, and in fact, I would still like to buy this pair if I could catch it during a pullback.
I entered a short position yesterday when I thought NZDUSD was heading south, but it failed to follow through, so I just now exited the position at break even.
Daily candle falling wedge vs. weekly candle symmetrical wedge. Price is nearing the weekly candle support line below.