NZD/USD Swing Trade Opportunity

It appears the Kiwi is going to give us a gift of pips. A look at the NZD/USD daily chart below will give you an idea of the plan. We’re looking for a daily close below the up trend line and then a retest of the line to go short.

NZD/USD Daily Chart

Always remember to maintain your risk parameters, be patient and wait for the setup to come to you. Happy pips everyone!

Tim

Secret Asian Man 😉

Readers, I apologize that I was unclear as to where the entry on this trade should be. I should have marked it on the chart. Here is a more complete description of how the trade might progress:

What you want to do is watch the price action until you see a daily candle close below the trend line on the chart.  After you see that, wait until the price has retraced back up to the underside of the broken trend line. When it touches the trend line (or appears to be reversing near the trend line), enter your short order right there with your stop loss above the high and the 0.7400 psych level.  Your targets are the ovals on the chart near the 38.2% and 61.8% Fibonacci retracements.

I recommend you move your stops to break even when this trade has moved over 25 pips in your direction.

Keep in mind that this could take a few days to happen. Be sure that you don’t put on too much size because any trade, no matter how good it looks, can go against you and stop you out for a loss.

May the pips be with you.

The following two tabs change content below.
Winners Edge Trading was founded in 2009 and is working to create the most current and useful Forex information and training available on the internet.

Latest posts by admin (see all)

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news

  • Tctonycampbell

    Tim… this was a great trade map but the return to trend line didn’t happen … of – if only mayhem in the market place could be a little more orderly. Doh!!! Keep up the good opportunity spotting!

  • Guest

    http://www.fx360.com/documents/GFT-Three-Drive-

    Hi Tim,

    I am still kicking myself for not following your 5th Aug EUR/CAD Swing Trade.
    Thanks for sharing … you know I will be watching this very closely.
    I am on twitter as well … am following you … secretly and closely.

  • mihai o.

    Hi secret asian man. Can you please point me to web location where I can learn more about Three Drive Pattern.
    Thanks a lot!

  • steve123

    Hi Casey. Looks for a good setup. When should we enter on this one? Should we be check daily charts for the retracement or on smaller timeframes?
    Steve (from Australia)

  • Robertt

    Thank you Casey your gbp/jpy the beggining of the week was sweet thank again for those great trading ideas,