AUD/NZD Possible Short Position?
Disclaimer: Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Daily Analysis
I have noticed that the downtrend on the AUD/NZD pair has continued and has broke below recent lows before stalling out on momentum Friday afternoon before the close of the market. On the higher time frames price has continued to drop so I want to wait for the price to stall and continue to close below the close of the recent lows made on Friday afternoon, most likely these lows will be broken on Monday open or throughout the day Monday. if price closes below this price I will be targeting the swing low of 1.00000 and this will be a longer term trade.
Hourly Analysis
Price has broken below the lows made throughout the week last week, price has stalled out and now I am waiting for price to close below the lows made before stalling out. I will enter this trade around 1.03301 this trade will be a longer term trade with a good Risk to Reward ratio of 1:4 with one percent at risk. I may try adding on to my position as it goes in to profit and as I slowly move my stop loss closer and closer to breakeven as price reaches around one percent into my profit, this is when I will move stop to breakeven and add on to my position for the long term.
This trade is going to last quit a while, I am planning on it being anywhere from one to two weeks but I can and will continue to hold this position if it continues and shows their is still overall bearish momentum within this pair. I will be checking this trade many times a day at first to make sure it is going in my direction. Remember do not be too concerned even if this trade hits your stop loss right away, trades like this take a strong mindset and with the right risk management a losing streak can be turned around with one trade. Yes, it is hard to find these trades in the market but they have huge rewards and if the price is going against us with no rejection seen we can always close before it is a full percent loss. With close watch of this pair and keeping in mind the bigger picture, one trade will not loose an account with right risk management. On the other hand, one trade can make an entire year with the right mindset and risk management system.
My one tip for today is to always think of the big picture and keep a consistent risk amount for each trade or this can lead to a spiraling downfall. In most cases traders will raise the stakes and up their risk amount each time they loose thinking that they have to make everything back in one trade, this is the worse way too approach the markets. Wanting to risk more and more due to a loss is only asking for more losses and does not put you in the right headspace needed to be a day trader. Risking one percent on a 1:4 Risk to Reward Ratio you can win one trade and then loose four times before going into the negative, but if you can get another winning trade within three trades with these conditions to be profitable.
Anyways, thanks for listening to me ramble on about all of my crazy ideas, hopefully our trades go well this week and I look forward to seeing what the market will give to us this week.
Good luck to you all,
KeySlot
Daily Analysis
I have noticed that the downtrend on the AUD/NZD pair has continued and has broke below recent lows before stalling out on momentum Friday afternoon before the close of the market. On the higher time frames price has continued to drop so I want to wait for the price to stall and continue to close below the close of the recent lows made on Friday afternoon, most likely these lows will be broken on Monday open or throughout the day Monday. if price closes below this price I will be targeting the swing low of 1.00000 and this will be a longer term trade.
Hourly Analysis
Price has broken below the lows made throughout the week last week, price has stalled out and now I am waiting for price to close below the lows made before stalling out. I will enter this trade around 1.03301 this trade will be a longer term trade with a good Risk to Reward ratio of 1:4 with one percent at risk. I may try adding on to my position as it goes in to profit and as I slowly move my stop loss closer and closer to breakeven as price reaches around one percent into my profit, this is when I will move stop to breakeven and add on to my position for the long term.
This trade is going to last quit a while, I am planning on it being anywhere from one to two weeks but I can and will continue to hold this position if it continues and shows their is still overall bearish momentum within this pair. I will be checking this trade many times a day at first to make sure it is going in my direction. Remember do not be too concerned even if this trade hits your stop loss right away, trades like this take a strong mindset and with the right risk management a losing streak can be turned around with one trade. Yes, it is hard to find these trades in the market but they have huge rewards and if the price is going against us with no rejection seen we can always close before it is a full percent loss. With close watch of this pair and keeping in mind the bigger picture, one trade will not loose an account with right risk management. On the other hand, one trade can make an entire year with the right mindset and risk management system.
My one tip for today is to always think of the big picture and keep a consistent risk amount for each trade or this can lead to a spiraling downfall. In most cases traders will raise the stakes and up their risk amount each time they loose thinking that they have to make everything back in one trade, this is the worse way too approach the markets. Wanting to risk more and more due to a loss is only asking for more losses and does not put you in the right headspace needed to be a day trader. Risking one percent on a 1:4 Risk to Reward Ratio you can win one trade and then loose four times before going into the negative, but if you can get another winning trade within three trades with these conditions to be profitable.
Anyways, thanks for listening to me ramble on about all of my crazy ideas, hopefully our trades go well this week and I look forward to seeing what the market will give to us this week.
Good luck to you all,
KeySlot
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.