Trade of the week: NZD/USD

Trade of the week: NZD/USD

The NZD/USD short was, so far, my trade of the week. I didn’t want to get involved in the BREXIT madness and, thus, the Kiwi caught my attention.

The Trend Rider gave the signal after the breakout below the support (marked with the black line).

I had to take some heat, but the retracement never broke the previous high and the Trend Rider remained red and gave me confidence.

I took profit at a previous demand zone (black box) and it made for a healthy profit.

Even without the Trend Rider, our premium students were able to find this trading opportunity with pure price action based systems because the pattern on the 4H does look like a dirty Head & Shoulders.

 

Next, my eyes are on the USD/CAD but the Trend Rider hasn’t given his signal yet. Thus, we need more patience and wait for a bullish move that will cause the Trend Rider to turn and provide the bullish signal. Patience!

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