Here’s a new BaseLine for the NZD/USD 4 hour chart:

Now
let’s go down to the 1 hour chart and see what we can drum up in the
way of an EntryLine, and then we’ll talk about taking the trade.

I
know that the entryLine is not connected to the green BaseLine.  That
somtimes happens.  If you want to draw the EntryLine a bit steeper, or
in a different place, that’s totally cool.

If the pair can close above the blue EntryLine, I am going to buy
the pair and target the green BaseLine.  The NZD/USD can be a tricky
pair to trade, with huge spikes every now and then, so please remember
to never risk very much on any single trade.

Let’s chalk this one up as a loss for me.  I am not staying in this trade any longer.  It’s just not doing what I like a good old-fashioned support and resistance trade to do.

The pair should already have fallen to the green BaseLine.  It did not.  I am taking a 14 pip loss on the trade right now.

Click here to see the original trade idea.

See the current chart below.  Click on it to make it larger and more life-like.

Now that we’ve closed a long NZD/USD position with a profit (click here to see the idea and click here to see the result) we can start thinking about trading it in the opposite direction. 

So here is our green BaseLine on the 1 Hour chart:

And here is the entry chart, the 15 minute chart, with the blue EntryLine.  A close below the blue line would trigger a sell trade, with a stop at the red line.  Here’s the chart:

Another trade idea result here, and nicely enough, it’s another good trade.  We do have losers, of course, at times, and it always feels nice to have a good trade.

Here is the original trade idea.  Click here to see it.

Here is the completed trade.  All of the long positions in the NZD/USD should now be closed.

Click here to see the original trade idea.

The trade is now open; it’s actually doing okay right now and I’m keeping it just as is — stop loss down at the red mark (.7475), and of course the profit target is at the green BaseLine.

Here’s the 4 hour NZD/USD chart.  And here is the green BaseLine:

And to take the trade, let’s drop down to the 1 hour chart.  If the pair closes above the blue trendline, I will buy and hold on for the green baseline.  For those of you who are trend traders, you can consider selling every time the pair hits the blue trendline.  This is a perfectly acceptable manner of trend trading, but it’s just not what I do.