NZD/USD

Looking to short this week. Heres what my chart looks like:

Like idea, I think entry might be .8030-.8050. May take a while.

Im long the NZD on multiple crosses including CHF and EUR.

confirmed break out?

Now im short the NZD USD officially this morning!
Which also hedges me on the USD.. But thats another post.

This was the level I kept my eye on this morning, however I ended up passing on the trade.

~FOREX SWING KING

i thought this bearish trend line would be strong enough to hold but now a break to the upside is not unlikely....but either way i think the supply zone above will hold as resistance...fundamentally i have no clue why it should go higher than .82X

Possible a H&S?

hmmmmm nice pin bar let see it will work for me or not

Please talk me out of this target so that I can take profit and feel good...
Just not to skite, I made the mistake earlier of not trading out where I could have entered again or even put a buy on off supply - twice. Learning...

Jamz I think your fine IMHO. I don't want to steer you wrong I think there is no question we will see NZD make a b line to .7665. I think you can put your S/L now at .797 and just move it down as it drops but do what you feel is best. If you took profit now you are going to make a sick profit regardless

Cheers iNSIELD yes I hadn't thought of moving stoploss thanks. Googled acronym IMHO to get "is my hearing aid on?" Thanks for you Honest and Humble opinion. Sick profits are what I'm after and I find them on weekly and daily charts. I must be patient for next formations to appear.

Managed to trade out with 80 pips but next time will be sorely tempted to take the 220 instead. I always pretend there is an extra zero on my money - which there will be one day - to prepare me to be calm as the pullbacks occur. Heart rate is under control but brain wizzing round keeping me awake not quite cured yet.

Isn't she ripe to fall ? Taken just one, for tasting how juicy the kiwi is ?

Sold 8123, No Stop Loss, TP Manual

No, she is not. This one was my worst trade of the last week. I'm still in and the balance is in dark and red. If she doesn't fall with the NY session, I'll close my short and take my loss. But I still believe that it will fall. >8190<8210 is the uncertainty zone. Under 8190 I keep my short. Superior to 8210, I'll exit.

i guessed many were burned from aud and nzd lately due to the sudden surge and upwards momentum, however i think this is going down soon.

it went up since draghi's mouth, but fundamentally the world still sucks with eur around. worst will be coming. what goes up must comes down.

aud has touches 1.06 and yet pull back under 1.0445, it had made a run since 0.95/0.96, 1000 pips . it pressing against trendline on the 4hr. i guess aud and nzd behave pretty the same.

aud unemployment data is coming, everything will go along with it to bottom soon. i am shorting every high i can find on these 2.

Yes, I know what the pain in the a...is since my short last week :-( I feel much better now. I've loaded two lots at 82.00. But still in light red. I just want to close all the lots, but I found that there is more room for the downside for the next days. After the 15M chart posted this morning, the hourly seems promising. And the kiwi seems more weak than the aussi, so I prefer to keep my shorts and load more if it works.
GL.

there's 2 way to come around this. i experienced holding positions before until it returns to breakeven, one of my longest so far is 2-3 weeks, it's a pain the ass, but if you have enough buffering zone should be fine, but in the mean time you must increase your account by getting into new trades, can be scalping in and out,

but it does affect your subsequent trades entries, because if u had shorted, ur next entries is likely to be short as well lol, that's human, we have emotions and we are stubborn, unless u hedge it which is kinda not retailer style, because we don't look at the bigger picture, we just want our account to be breakeven and restart again on new trade plan if we were in red earlier.

1) separate the accounts. If account A get held, and u don't want to commit to close in red, and your margin and money management is well managed and permits you to hold a short aud on negative swaps, so be it, hold...

By separating the account, your account B can make new trades based on the intra-day or the day itself, it's like hedging as well, but your plan for account b is to cover the losses or money u have not been making for the past few days on the poor entry on account A that affects you psychologically and worsen your decision making, especially when you are just trying to get back at the market.

Don't put all the eggs in the same basket, best is to have up to 3 separate accounts, the last should be speculative account on high leverage, small SL, this is a sniper account that get in trade specifically on interested level, for example if markets says there are option barrier or offers/bids at particular level, that's the level we should watch and place entries, normally these kind of entries is easy to get BE trade after 10 pips ahead of u.

2) Money management, i don't recommend this, because many people are not a fan of martingale, but if zooming out martingale is actually quite alright. we are not talking about distance of 10-20-30 pips but 100-200 pips.

using 100-200 pips on a risk of 0.5%-1% trade. it get held in red, so be it.

next entry must be at least 100 pip away.
example;
wrong entry short 1.0375- market went to 1.0450. next short level should be 1.0475.

entered second short at 1.0475, target is 50 pips. entry should be twice the leverage of first entry. Reason? if u target 1.0425,
your first entry would be 50 pip under water of 0.5% risks involves.

your second entry at 1.0475 is 1%, if u reached 1.0375, ur first trade get closed at BE. and u earned 1%. but if not, its ok, u get to close ALL. 0.5% at 1.0425 should be 0.25% in -50pips for the first under water trade.

1.0475 earns you 0.5% for 50 pips, now using 0.5 - 0.25%. u still made 0.25% on your overall equity increase.

Can use it at subsequent level and increasing the leverage after each 100 level, if price is really stubborn. As i see on aud pairs, its always one directional until a fat bull or fat bear turns the game around.

But i believed with proper money management and a good entry point on higher TF, managing pips range should not be a problem, account should grow.

what goes up must come down..

mate, just sharing my opinion, not underestimating your experience and skill level. Your chart rising wedge? fell off from upwards momentum, maybe it's time for some downside, hope it does not SHOOT up again.

Given recent's market manipulation i call it, only money management can help me survive through all these craps lol, since R and S do not really work well, it's kind of unpredictable breakout + fake out at every level.

Mate, no problem. I always appreciate inputs given by fellow traders and learn. So thank you. It's obvious that I need to work on my entry point and timing.
This trade is now safe 4h and 8h looks very promising.
Opening multiple account is a solution. But I prefer to stick with my old school learning method that is for sure more pain in the a... but give me better results. I never hesitate to take my loss and try to understand where and when I have made a mistake to correct myself. And when in profits I thank the market.

See you.