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SmithInvestors is an entity created for those interested in Foreign Exchange (Forex) market analysis. Austin Smith, author of this blog, has designed this site to inform, share, and develop his ideas he feels should be communicated with other traders and investors. This site is an "open book" and he has committed to updating the page frequently with articles and videos.
Sunday, August 19, 2012
Still holding $nzdusd long positions.
I am still holding my 2 long entries on the nzd/usd. I'm looking at the 38 fib level from July 24th swing up as intermediate support. As you can see, this level is very active with choosing a direction when price action tests or even comes close to this level and seems to have held for about 18 open market hours. You can also notice some confluence around the current 38 fib area with this rising trendwall I have drawn from the end of June.I am looking for 90 pips which would create a 2:1 RR and on my second entry I am looking for 80pips which would create a 4:1 RR.