Seeking consistency

The NZD CAD pair had changed to a down trend on the daily chart (moving average cross over) and now is in line with the 4hourly time frame

Whilst this could be a good counter trend entry area (between the 50 & 61.8% fib levels of the last daily up swing) I shall be watching the 4H and daily time-frame for pull backs and triggers to short (two of which are highlighted on the 4H chart)

daily trend is up, 4H is down

daily chart shows support @ 1.31 00, could this now become resistance for a further push lower (to Feb low @ 1.29 80 ?)

watching for rejection of price level around 1.31 00, which is the 50 - 61.8% fib level of the last 4H down swing

Daily and 4H trends are down
1H has just printed a shooting star candle indicating rejection of higher prices, just above the 61.8% fib re-tracement of yesterdays 1H down swing

I have placed an order with a very tight (10 pips) stop at the round .99 00, initially targeting recent lows at 0.98 40 and if momentum looks to break this support level, last Septembers lows around .98 00

Initial order (if seen) @ .99 00, stop at .99 10 (10 pips risk) with target 1 at .98 40 (+40 pips) R = 4. Target 2 = .98 00 (+100 pips) R = 10

[QUOTE=Leia;1814270
Initial order (if seen) @ .99 00, stop at .99 10 (10 pips risk) with target 1 at .98 40 (+40 pips) R = 4. Target 2 = .98 00 (+100 pips) R = 10[/QUOTE]

Stop hit -10 pips

daily and 4 hour trend is up (quite aggressive 4H ascending channel)

price has reached the 50% - 61.8% fib retracement level ZONE on the daily chart (1.32 50 - 1.33 00)

A 'shooting star' candle has printed in the overnight / asian session, suggesting a rejection of any higher prices at this time

I am not yet considering a short trade, but am watching for a more definitive rejection during european & US sessions

Daily and 4 hour trends are down (short)

However price has retraced on the longer term (weekly) chart to the bottom of the ascending channel (Oct '08) and printed a daily 'hammer' type candle at the 50-61.8% fib re-tracement of the last daily (Dec - Feb) up swing which coincides with a previous (Jan 13th support level)

I have placed an order within the daily candle at 1640, with a stop at 1625 (-15pips risk) and target 1 at recent daily highs 1675 (+35 reward) R= 2.3

If my order is opened I will look to move my stop up to breakeven if price makes it to R=1 @ 1655, which is still within yesterday candle.

Daily and 4H trend are long

However a counter trend trigger (shooting star, rejecting higher prices at this point in time) has been printed on the daily chart at a previous daily support and resistance level (confluence with the 50% fib re-tracement of the Dec - Feb down swing on the daily time-frame)

I have placed an order anticipating a retrace into yesterdays range at 1.95 50 with a stop at 1.96 75 (-125 pips risk) with a target of the daily range low at 1.89 50 (reward +500pips) R = 4

If my order is triggered and price reaches R=1 @ 1.94 25 I will move my stop to break even

daily and 4 hourly trends are long

Price has retraced to 50% of the last 4H upswing and printed an inside bar which triggered (so far) a profitable long entry. I didn't trade this. I shall not be placing a trade at the levels of the inside bar either, because of the strong weekly support / resistance level immediately above

I shall keep an eye on it though next week, to see if my decision was right (weekly chart) or wrong (usual daily and 4H trend + fib pull back and trigger)