See daily chart of NZDUSD below for the discussion that follows.
NZDUSD has a formed a big bearish engulfing candle at resistance yesterday. I’m hoping to get a retracement of about 50% into the body of that candle for me to consider entering a short.
Remember, always have your own trading plan and never follow other people blindly. Always know where you will be proven wrong on any trade and have stops in place. Stick to your stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.