Tuesday, October 30, 2012

NZDUSD Triangle Trade

myfxvoyage.blogspot.com NZDUSD Triangle Trade
I am watching a longer term setup on H4 timeframe. Details [here]. 

Till that setup materializes, I see another setup coming up in NZDUSD pair. A triangle formation on H1 timeframe. 

Price has bounced from 100EMA & 200EMA and is currently midway the triangle. If it breaks on lower side, I will go short targeting the big trendline. 

On break towards of upper trendline, I will wait for the confirmation break of horizontal area to  go long targeting upper horizontal area. If price break triangle upside but gets rejected form lower horizontal area, then I might go short as well.

myfxvoyage.blogspot.com NZDUSD Short Trade
UPDATE ON 31-Oct 4:10GMT: Pair is trading close to upper trendline. Its not able to break so far. It looks like horizontal resistance area plus the upper trendline is providing good resistance on any spikes.

As triangle is not very wide, so I will not trade bounces from trendline. I will trade only breakouts. I might short on upside break but resistance at horizontal area.

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