Monday, June 17, 2013

Kiwi Dollar Long Trade Update

*Sorry, didn't post numbers on chart: Entry .7989, stop .7950.

I have been tracking a potential bullish move in NZDUSD. As noted earlier today, we are in the speculative (i.e., not the confirmed breakout) entry area for me. See Today's Post. As indicated, this will likely be the next trade I track (after the USDJPY short trade) if we get the breakout back up. There are some things I do not like about this trade long term, but will let the chart lead me and stay present on it.

I am going to try to front run this using the 4 hour chart. This is risky and could produce a stop out, but if it holds the stop will be really tight. Here is the chart:

A failure to catch this spec trade would not negate the larger thesis, for which I still wait for the breakout to begin tracking it.

Peace, Om,