Updating on 3/30
USD largely had been pushing up since the end of February, with some obvious pullbacks and bases. This morning, it was rallying off of a fairly large drop that took out the lows of a base it had been in for a couple of days. The rally pushed up above the resistance area of that same base, so things looked like they were pushing back to the upside to me.
NZD on the other hand didn’t look incredibly weak, but it did appear to have some underlying weakness and was sitting near a pretty strong support area. It looked like it could run pretty far if it broke that area, so I took a look.
When I got to this chart, it looked as though it was pushing down (on the daily chart) and was still above a much more major support area. The hourly chart was decent, and looked like a bear rally had the potential to form, but when I dropped down to the 15 min. chart, I saw what appeared to be a great bear rally. I liked the numbers, again, so I set an entry order.
(Also, I somehow can’t find original screenshots of this setup — I may have forgotten to take them, so here’s screenshots of just my entry, not my planned entry/stop/target).
Entry – 0.71490
Exit – 0.71660
It didn’t take long at all — barely 20 min. — before price reversed and stopped me out. I again, don’t know the catalyst of the reversal except that the timing was off and I was early (Looking today, I was definitely right but early on the direction, just got stopped out before it came to fruition…).
