This Friday looks to be a lackluster day to find any good trades other than some risky intra-day trades across the more volatile crowds such as
GBPUSD or
EURUSD. Of course this is probably because of the colossal IPO of Alibaba soon to known as
BABA; and speaking of
BABA its performance looks swell for an IPO. As for me I'm staying on the side-line for now. I actually am here to talk to you about that
NZDUSD short trade. Yes, remember that nice trade that's been open and
profitable for almost 2 weeks now? Well I'm back for a quick update. As of now the pair is trading around
.8118 which is roughly
118 pips away from the profit target of
.8000. Today has been a nice down day but it followed a strong support day yesterday, September 18. All of my indicators and signals have been
100% confirmed at this point and I'm looking for this pair to fall for the long run regardless of the speculation of a currency support by NZD Fed Bank. Until we actually see some manipulation and dramatic repricing of this pair I say sell it to the end or at least until it decides to retrace on some profit taking or a similar pull back. Below is a daily chart which shows us this nice downtrend along with pointing out my entry and profit
target #1.
After having a closer look I decided the Stop-loss for this trade can be moved from the break-even/entry level, to .8500 which has played out as near time resistance. Below is a picture of a 60min chart which tells the story.
I'd leave the rest of the trade as-is because if it isn't broke, don't fix it.
So from here I say enjoy your weekend and stay profitable. Don't forget that every Friday and Saturday evenings we enjoy an awesome mix of music right here at the blog so tune in if you're looking for some weekend motivation!!
