Analysis Oct 29, 2015

4HR Time Frame

The FOMC Statement yesterday made the markets move drastically and hitting my stop loss immediately from entry. Currently with my first recorded trade, I am immediately down 40 pips with the NZDUSD sell yesterday.

I will be ignoring any incoming news events and will focus mainly on price action in deciding the trades setups that I will be making just to be clear on my analysis.

4HR Time Frame

I am still looking forward for this pair to go higher but the long term trend to the downside would be totally against my favor if I will take on another trade long. In any case, there is still a valid bullish gartley pattern that just completed and you can still hop in if you are a pattern trader. Just wait for it to go down a little lower to the buy zone for better entry.

Daily Time Frame.

As for me, I am looking for a break and close below the support around 0.662 to go with the long term down trend. If the price will still continue to go up, I will be looking for a short trade on the 50% retracement in the highlighted zone on the image above where the price will also test the long term trend line. This will be a very powerful area of resistance to break. Thus making it a very good selling area.

Good luck in trading guys!