Forex Price Action - Kiwi Forms Pin Bar Setup off Support | Sept. 20th
NZDUSD
Retreating from the recent swing highs over the last 5 days, the New-Zealand dollar formed a large with trending pin bar off a key role reversal level today. It should be noted how the day started off very bearish for the pair, which reversed gains sharply after touching the key role reversal level at .8210 and closed up on the day.
I suspect higher prices for the Kiwi, but am looking for one more intraday pullback to get long. I'll take a buy off any pullback towards .8230-.8215 with tight stops below targeting the recent swing highs at .8350 offering up a nice 3/4:1 reward to risk play so a decent catch out there. Bears can watch .8350 on the intraday charts for weakness to short the pair targeting today's lows.
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Comment by Gill on September 21, 2012 at 12:18am -
Thanks Chris
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Comment by 2ndSkiesForex on September 21, 2012 at 12:21am -
de nada mate - hope you found it useful
kind regards
chris
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Comment by Gill on September 21, 2012 at 1:35am
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Another one today? (yesterday? whatever...! anyway another pinbar? wuhu?)
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Comment by 2ndSkiesForex on September 21, 2012 at 1:19pm
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Nicely done Lisa.
I couldn't quite get the entry I wanted on the Kiwi so had to pass. But took a long yesterday on the Aussie at the NY close yesterday so that is working out nicely.
That plus my new longs on gold / silver, and its a nice end to the week :-)Hope that kiwi though keeps on runnin - if it can break that recent swing high, could see some interesting extension on that
Kind Regards,
Chris
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