NZDUSD Box 60M+5M 11Feb09

nzdusd 60Min box 11febo9  –  nzdusd 5min 11febo9  

 Simple support and resistance trade here.  No firm idea on direction, although I am USD long fundamentally for the medium term.  On the 60M a s/r box has formed around the 144 and 62 with the 200 moving up to meet it.  On the 5 minute, the 800 sma is about 30 pips above the box as I write this.  The MACD 60M indicates downward momentum is waning and the Stochastic shows a cross a few candles ago and the pair did go long on that bar.  Taking nearterm trendlines into account, there are some clear indicators as to when to get in depending on what price does.  My goal for this pair would be to catch the break and ride it for 30 to 50 pips.  I am not willing to enter this trade unless I am actually watching it happen.  This is a short term trade idea for me at this time as the pair has been unpredicable lately.  I caugt 30 pips yesterday at the end of the NY session and closed it just before it took off in my original direction,  AAAAAAHHHHHH!  🙂

Leave a Reply