Yesterday I made a trade on NZDUSD and sold it at .71900 and closed the position at .71000, now its retracing and I’m thinking about selling it again somewhere between the 5 and 618 retracement of the fibonacci. In otherwords, the most optimal position for me to sell is at .71800 with stops at .72500 and just play the rest of the head&shoulders. However, it is summer so I don’t expect this pair to move as much during this month. We could actually stay in this range for a while, and if we do – I will just drop this pair and move on to something where I can play stronger fundamentals on because in this market I’m only bullish on USD and not exactly at any position with NZD

5 minute

If we get anywhere above the 2 standard deviation of the bollinger bands I'm going to sell - no question about it. However, the bollinger bands are indicating strong momentum to the downside.

1 Hour

When we hit the 5-618 retracement we should be oversold on the stochastic and then I would scroll to the smaller time frames to see if structure indicates a bearish trend.

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