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Longtrade

NZDUSD short side play??That right I hadn’t played this pair well this last week. However if you have a plan, stick with the plan till you’re proven wrong! Changing from plan to plan isn’t anyway to make it as a trader because you’re guessing or at best not looking for high probability plays. My mentor used to say.... Okay, a self-taught trader doesn’t really have a trading mentor, my mentor was my late DAD. He didn’t trade Forex at all and only got into stocks very late in life. But still the same, he had words of wisdom that apply. Dad said; “ If you plan better, I mean take less crap chances you’ll get less chances to get crapped on!!” With this short side plan on USDNZD my theory was dollar stronger, stocks weaker, so a slightly over sold dollar and over bought stocks should deliver corrections to out sized moves. My overall tone is bullish USDNZD but in currentMy in the short term Selling at new highs seemed like a plan. My mistake was getting my plan and mindset into to short of chart views. Take a lesson from this weeks trades. Go with longer charts and leave the shorter patterns inside of the longer term chart pattern alone unless you get those two point in line with each other. Was scalping the short side from 68 ish last night and entered long this morning looking for a push higher to top trend channel line 6825-75 area to then go short again with better longer term limited risk and pattern resistance to play off of. Over all still a positive trading pair this week—just could have played it way better using the bigger timeframe chart pattern. All the best my friends.
Short
by PipsTradingClub
Inverted Head and shoulders planOil orice action as I follow it in the WTI has shot up in prices and discovered not only fib resistance zones but horizontal resistance as well around 41-42 price range. Nothing wrong with that except that USDCAD hasn’t followed oil’s price action. Instead it has carved out a very nice inverted head and shoulders pattern . Should the neckline break then we should see 1.33-1.3350 rather quickly. No wonder then I’ve got my first TP zone there. But I also can see a risk off in stocks developing and so a push higher to the 200 day SMA around 1.35 could also be targeted. Personally I like the 89 SMA shown here on my chart in orange. On the down side. With a clear pattern such as this it could just explode by big banks pushing the stop hunt tactics on very clear patterns. Funny how that really happens. I’m leaning on on the pattern build and eventually breaking higher just because of the for mentioned WTI price action. I’ve been building a core all week and taken some quick hit profits on bounces to and above 1.32 while also increasing my position with small average entry prices. As always plan your trade and trade your plan. This isn’t trade advance but my personal trade and planed trade. Use it for education or if you plan to join in on the trade, the risk is all yours. All the best to everyone.
Long
by PipsTradingClub
MASTEK may be add for mid term investment with the target of 110MASTEK may be included in your portfolio once it breakout above the trading range. Price has taken support on above earlier swing high on daily time frame. Now it is printing within tight range since last 19 trading sessions. More it will take time to trade within the tight more there will be the probability to accelerate its upward move. Price has attempted multiple times to breakout above the range but yet to succeed. It would be wise to wait for the break on upward direction and to take position accordingly. As per market structures price may move till 1100
NSE:MASTEKLong
by tathoi
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