As Alexandra said, many of the commodity pairs look very 'toppy' with double top bear flags a possibility on audusd and audjpy. nzdusd shows a LH from the peak and PA has closed below the up TL and SR level at 0.7457.
Be careful taking any counter trend trades here until any new trend is confirmed. After such a strong up trend I would expect any down move to be followed by a significant rally back up to try and test the trend extreme. Currently they are both still a buy as they are still going up (above MAs and TL), but I would be looking to short below the monthly nzdusd shooting star.
It would take a rather large stop though and would be outside my RR ratio, so it would be better in these situations to wait, as Nicola said, for the underside TL test and LH. As Strat alluded to, much better to wait for that 75% meat of the trend than lose money trying to pick tops and bottoms.
Example shows a trade from R to S from the first double top, but would be counter trend and not in line with our style. The hammer off SR and the TL on 13 Jul would have been a great with-trend entry
Be careful taking any counter trend trades here until any new trend is confirmed. After such a strong up trend I would expect any down move to be followed by a significant rally back up to try and test the trend extreme. Currently they are both still a buy as they are still going up (above MAs and TL), but I would be looking to short below the monthly nzdusd shooting star.
It would take a rather large stop though and would be outside my RR ratio, so it would be better in these situations to wait, as Nicola said, for the underside TL test and LH. As Strat alluded to, much better to wait for that 75% meat of the trend than lose money trying to pick tops and bottoms.
Example shows a trade from R to S from the first double top, but would be counter trend and not in line with our style. The hammer off SR and the TL on 13 Jul would have been a great with-trend entry
Trade less and become more profitable!