Southern Cross Trader

I think it is already exhausted GW..

TDI not yet ready? i mean gbpnzd.

Daily time frame tells the story.

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What will be the best opportunity to enter into trade? When the tdi signal line come back up or before it curls up?

Just entered long on GBPNZD.. stop loss around 100 pips.. Tp should be 150 - 200 pips

I'm waiting for the RSI to show signs of weakness on the daily.

What sold me on this move was the RSI on the weekly.

All my GBP's on the daily nihilst are in the 70's.. so have sat this one out. Is that just my platform?

I also looked at GBP/NZD this morning and thinking that also on the Daily chart we do not have any change yet and that 195 level may not hold and get broken further lower to 192 -193 range.

@GW, For signs of weakness on RSI you would be looking for RSI move lower to 0 or monitor higher 4hr higher timeframe for confirmation of RSI change ?

Mine are too, I'm also waiting for some price action confirmation.

Not trying to be overly analytic - the old days of analyzing too much and thinking about where the markets are at and then will go has cost me too much sleep and failed trades.

However, I also checked the GBP / NZD was thinking of push buy button. The reason I did not push the buy button was also that RSI was not showing any move up on the daily and could stay down where it is or move a bit lower.

Also with my analytics head on - I did a currency cross to check of the strength and weakness of GBP and NZD individually and GBP is RED but not exhausted and when I checked looked to be still going down and was showing little or no support. On the chart, see if GBP can hold the 127.2 - 127.5 level or breaks down into the 126 range.. that needs to atleast hold otherwise GBP could free fall into the low 120s... (eeekk)...

The NZD, the theme has been commodity currencies down all year, and since the hard fall at start of summer and given the wall street route and volatility I have noticed that the commodity currencies have stabilized in a range as they actually appear to be safer havens while there is a risk off sentiment.

These are certainly difficult trading conditions this month and I expect until the USD presidential election and we get some more perspective on where the USD and commodity currencies are head along with risk off / on.

I didn't really do any analysis other than look at the usual indys.. but now I have, if I look left on a 4 hour chart on GBPNZD to end of august, we are right bang in the middle of that path of little resistance. Where it jumped 300-400 points in a day or so.. usually those areas where it was easy to cut through, are easy to cut through again!

Still sitting in sniper mode, no entry for me, still has too much momentum towards 1.90000, Dashboard is about to light up like a Christmas tree though, am expecting to take multiple trades on multiple pairs over the coming days, GW

Great observation and analysis, you are on the pulse.

Friends keep an eye on your spreads before entry.

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hey GW, GBPUSD doesn't look ready yet?

Anyone on board?

Firsty entry, banked and back in again.

[quote=Ghost Walker;11641886]Firsty entry, banked and back in again.
3 weeks of waiting patiently is paying off!

Second entry banked and in again.