Both the trades got stopped out. It seems like in an effort to ride the counter-trend and putting a very tight stop loss, AUDCAD bombed. NZDUSD on the other hand was due to incomplete Wolfe waves being formed which got stopped out again.
We had 12.8 pips lost from AUDCAD and 15.1 pips lost from NZDUSD.
On the other hand, we're just 30 minutes away from our binary option expiries which look to be comfortably ending "in the money" with some good profits.
I will update on this shortly and tomorrow will summarize the trades taken during this week.
Also, i'd like to mention that all open orders were closed as we have a long weekend coming up and it would only add to more swaps eating into the profits.
Showing posts with label nzdusd. Show all posts
Showing posts with label nzdusd. Show all posts
NZDUSD - Bullish Wave (Quick trade)
On the 30 minute chart for NZDUSD we have a bullish wolfe wave formation. Notice that the wolfe wave is completely formed and we are currently riding the wave.
Price is just above the daily pivot giving us a good placement for our stops at 0.83618 a few pips below the daily pivot ot 0.83675.
We expect price to rally through to the daily resistance level of 0.8394. We also have a confirmation from Stochastics, which is pointing upwards, indicating a bullish bias.
Due to the fact that we have a long weekend coming up, it wouldn't make sense to get locked up in a trade. Thus our take profit is set to 0.83894.
This should be a quick trade and hopefully the trade should be closed before the end of business today.
The trade entry is at 0.83733. However, there could some retracements so look to go long on pull backs.
Trade Recommendation
Pending BUY Order
BUY @ 0.83769
Stop Loss 0.83618
TP1 : 0.83894
TP2: 0.8394
Price is just above the daily pivot giving us a good placement for our stops at 0.83618 a few pips below the daily pivot ot 0.83675.
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| M30, NZDUSD - Bullish Wolfe Wave |
Due to the fact that we have a long weekend coming up, it wouldn't make sense to get locked up in a trade. Thus our take profit is set to 0.83894.
This should be a quick trade and hopefully the trade should be closed before the end of business today.
The trade entry is at 0.83733. However, there could some retracements so look to go long on pull backs.
Trade Recommendation
Pending BUY Order
BUY @ 0.83769
Stop Loss 0.83618
TP1 : 0.83894
TP2: 0.8394
Binary Options Trading - Trade Analysis
Last Friday I placed some binary options trades. Namely on Silver, EURUSD and NZDUSD. All in all, the trades were profitable. Below is the trade history from 24Option.com where I trade. Silver and EURUSD were profitable while NZDUSD gave back the invested amount because the strike price was same as market price at expiry.
None the less, there were no losing trades. Total combined invested amount was $250 and total profits made was $105.
Currently there are two binary options trading running. EURUSD with an expiry time at 28th March and AUDUSD with end of day expiry. Click here to read more about these trades.
None the less, there were no losing trades. Total combined invested amount was $250 and total profits made was $105.
Currently there are two binary options trading running. EURUSD with an expiry time at 28th March and AUDUSD with end of day expiry. Click here to read more about these trades.
NZDUSD - Following up
The bearish bias continues but in the past hour, price has only been seen spiking. I thought I would revisit this trade and also inform readers that the analysis is still good.
I've added stochastics to the charts to get a better idea of price. As you can see, the bearish stoch hasn't been formed yet, which explains the bullish rise in price for NZDUSD in the past hour. At this point, we are quite close to getting a SELL signal from the Stochs so an entry at this point would be idea.
Revised take profit levels would be 0.82724, followed by 0.8235 and finally 0.814 (which will happen around next week).
I've added stochastics to the charts to get a better idea of price. As you can see, the bearish stoch hasn't been formed yet, which explains the bullish rise in price for NZDUSD in the past hour. At this point, we are quite close to getting a SELL signal from the Stochs so an entry at this point would be idea.
Revised take profit levels would be 0.82724, followed by 0.8235 and finally 0.814 (which will happen around next week).
NZDUSD - Bearish Wolfe Wave
On the 1 hour chart for NZDUSD, a bearish Wolfe Wave pattern has emerged. This is also marked with the completed wave point 5, thus allowing us to take the trades.
In the picture below, I have marked all the points. The longest wave, wave 5 can be seen with a peak at 0.83443 We have the weekly resistance level of 0.8317. Therefore trades can be taken after this level has been breached. This weekly resistance level also coincides with 23.6% Fibonacci level.
An aggressive trade would be to go short with stops set at 0.8344 and take profits at 0.82928 (38.2), 0.82769 (50) We can expect a bit of retracement at the 38.2% level. Therefore, for the aggressive trades, we could set this level as take profit zone.
For a conservative trade, we can wait until 50% of the wave is retraced on the downtrend and set go short at 0.82717 with stops set to 0.82928 (38.2%), about 211 pips risk and take profits at 0.82609 (108 Pips), 0.8239 (327 Pips) which is the Weekly Pivot, 0.82281 (436 Pips), 0.82093 (624 Pips).
In the picture below, I have marked all the points. The longest wave, wave 5 can be seen with a peak at 0.83443 We have the weekly resistance level of 0.8317. Therefore trades can be taken after this level has been breached. This weekly resistance level also coincides with 23.6% Fibonacci level.
An aggressive trade would be to go short with stops set at 0.8344 and take profits at 0.82928 (38.2), 0.82769 (50) We can expect a bit of retracement at the 38.2% level. Therefore, for the aggressive trades, we could set this level as take profit zone.
For a conservative trade, we can wait until 50% of the wave is retraced on the downtrend and set go short at 0.82717 with stops set to 0.82928 (38.2%), about 211 pips risk and take profits at 0.82609 (108 Pips), 0.8239 (327 Pips) which is the Weekly Pivot, 0.82281 (436 Pips), 0.82093 (624 Pips).
Update on Trade Set ups 04/03
EURCAD - Stopped out
I called a short at 1.33639. The trade hit the stop loss at 1.34215 (I had moved the stops a bit closer to the entry). The price currently is bullish.
EURNZD - In the trade and positive
This is currently in the trade. The entry price was modified to 1.57716. Currently price is at 1.56844. Our take profit price is 1.58820. So there is still a long way to go.
AUDJPY - Still waiting for price to be triggered
Our sell stop was at 91.992 which is yet to be triggered. The trade will expire this Friday and currently the price is at 95.881 before coming close to our entry price at 92.951.
EURCHF - In the trade and positive
EURCHF is currently in the trade, with price at this moment at 1.23040. Our entry was 1.22689 and our take profit target is 1.2326. The stop loss has been moved to the entry price, so this trade is now risk free. However, I would hate to give up on the few pips made thus so far.
However, when drawing Wolfe Waves and Pitchfork manually, I noticed that the price had touched 1.23098 which is proving to be hard to breach. Price is still outside of the lower median line. A breach to this could well see price trying to move close to the median line itself. For now, I will move my target price to 1.23098 and move my stops even closer at 1.22945, or I just might close the trade within the next hour depending on the candle that comes up.
Just to note that this is the first trade I mentioned during the 04/03 set up. The next post I made doubting the trade infact turned out to be wrong. So I will be deleting the Pending SELL order.
CADJPY - Still waiting for price to be triggered
This trade is waiting to be triggered. Current price is at 90.83. However, the entry price seemed to be the resistance level, so it might be a difficult trade to end up positive. None the less, I will be watching this trade closely.
CHFJPY - Still waiting for price to be triggered
This pair has been ranging for quite a long time after reaching highs of 103.645. This gives me hope that perhaps we can see a bearish rally some time soon. The expiry time for the price is this Friday, but I might just extend it to next Friday to be sure not to miss this one out.
AUDUSD - Stopped out
This trade hit the stop loss, 1.02481. What went wrong with this analysis is that if you look at the daily chart, price touched the Wolfe Wave EPA line before turning back. It would have been a great trade if the entry price was set to a sell limit somewhere below 1.02012.
NZDUSD - Short @ 0.83145
In the chart below I have plotted both Wolfe waves and Median lines. The conviction to go short comes from the fact that price hovered around the median line, this it is likely to head back to the lower median line. Also we need this reversal in order that price can drop before going bullish in order to meet the EPA Wolfe Wave line. Previous attempts of reversal failed and price dropped. The region of 0.832 is proving to be hard for the pair to breach.
Target is set to 0.82925.
I called a short at 1.33639. The trade hit the stop loss at 1.34215 (I had moved the stops a bit closer to the entry). The price currently is bullish.
EURNZD - In the trade and positive
This is currently in the trade. The entry price was modified to 1.57716. Currently price is at 1.56844. Our take profit price is 1.58820. So there is still a long way to go.
AUDJPY - Still waiting for price to be triggered
Our sell stop was at 91.992 which is yet to be triggered. The trade will expire this Friday and currently the price is at 95.881 before coming close to our entry price at 92.951.
EURCHF - In the trade and positive
EURCHF is currently in the trade, with price at this moment at 1.23040. Our entry was 1.22689 and our take profit target is 1.2326. The stop loss has been moved to the entry price, so this trade is now risk free. However, I would hate to give up on the few pips made thus so far.
However, when drawing Wolfe Waves and Pitchfork manually, I noticed that the price had touched 1.23098 which is proving to be hard to breach. Price is still outside of the lower median line. A breach to this could well see price trying to move close to the median line itself. For now, I will move my target price to 1.23098 and move my stops even closer at 1.22945, or I just might close the trade within the next hour depending on the candle that comes up.
Just to note that this is the first trade I mentioned during the 04/03 set up. The next post I made doubting the trade infact turned out to be wrong. So I will be deleting the Pending SELL order.
CADJPY - Still waiting for price to be triggered
This trade is waiting to be triggered. Current price is at 90.83. However, the entry price seemed to be the resistance level, so it might be a difficult trade to end up positive. None the less, I will be watching this trade closely.
CHFJPY - Still waiting for price to be triggered
This pair has been ranging for quite a long time after reaching highs of 103.645. This gives me hope that perhaps we can see a bearish rally some time soon. The expiry time for the price is this Friday, but I might just extend it to next Friday to be sure not to miss this one out.
AUDUSD - Stopped out
This trade hit the stop loss, 1.02481. What went wrong with this analysis is that if you look at the daily chart, price touched the Wolfe Wave EPA line before turning back. It would have been a great trade if the entry price was set to a sell limit somewhere below 1.02012.
NEW Trades
I took one some new trades today.NZDUSD - Short @ 0.83145
In the chart below I have plotted both Wolfe waves and Median lines. The conviction to go short comes from the fact that price hovered around the median line, this it is likely to head back to the lower median line. Also we need this reversal in order that price can drop before going bullish in order to meet the EPA Wolfe Wave line. Previous attempts of reversal failed and price dropped. The region of 0.832 is proving to be hard for the pair to breach.
Target is set to 0.82925.
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