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.

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