NZDCHF – should I short this? … the week of 08 July, 2024
Uppdaterad
This pair is at a significant level of 0.5500 but I have to admit that I am a bit double minded. I want to go short, but cannot rule out a bullish continuation either. So let me list the Pros and Cons.
Pros
Preceding trend was bearish.
Price is consolidating in an upward sloping channel – also known as “bearish flag” pattern.
For the past 5 trading days, price has been unable to close above 0.5500.
Many wicks to the up side.
Cons
Price is above the 200dma.
Most recent price action is bullish.
Weekly chart is bullish, previous structure was broken.
The best way forward is to put this pair on our watch list and we make our own decision. Deciding not to trade this is a valid decision too.
This is not a trade recommendation, it is just my analysis.
You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management if/when you trade.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
Pros
Preceding trend was bearish.
Price is consolidating in an upward sloping channel – also known as “bearish flag” pattern.
For the past 5 trading days, price has been unable to close above 0.5500.
Many wicks to the up side.
Cons
Price is above the 200dma.
Most recent price action is bullish.
Weekly chart is bullish, previous structure was broken.
The best way forward is to put this pair on our watch list and we make our own decision. Deciding not to trade this is a valid decision too.
This is not a trade recommendation, it is just my analysis.
You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management if/when you trade.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
Handel aktiv
My trade triggered this morning. Since price action is still not very convincing, I entered with 1/2 position size, will add more if I see better momentum.Handel aktiv
With the help of some (bad) NZD news, this trade is now nicely in profit with some gains locked in.
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