TRADING STRATEGY FOR WEEK 30 (25 - 29 JULY, 2016)
I'm currently holding 11K short position after the end of this week trading hours. The price didn't reach 1.94 so I'm not holding a full position.
(Bearish) I'm looking to reduce this short position to 5K on the green arrow move and wait for an orange arrow pullback before adding more shorts. If a bearish cloud is formed on top of the price, I will continue to build shorts targeting the orange dotted line.
(Bullish) If the price is going to climb up to the pink dotted line (around 1.90) again, I will take a full short position depending on how the pullback in NZDUSD is taking place. I'm expecting the NZDUSD to break lows and then reverse back (upwards). In case the NZDUSD upward reversal does not happen and GBPNZD continues to climb further, I will wait for a pink arrow pull back before closing the short position.
(Bearish) I'm looking to reduce this short position to 5K on the green arrow move and wait for an orange arrow pullback before adding more shorts. If a bearish cloud is formed on top of the price, I will continue to build shorts targeting the orange dotted line.
(Bullish) If the price is going to climb up to the pink dotted line (around 1.90) again, I will take a full short position depending on how the pullback in NZDUSD is taking place. I'm expecting the NZDUSD to break lows and then reverse back (upwards). In case the NZDUSD upward reversal does not happen and GBPNZD continues to climb further, I will wait for a pink arrow pull back before closing the short position.
