9m 27s: Lenght

To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_for_beginners&ad=Cq6viV2peJ0 Let’s get started here on the New Zealand Dollar versus the US Dollar [NZDUSD]. We have been in this trade for a couple of days, going short on the NZDUSD. You could see the trade going at the very bottom of the chart. Took a short at 0.7300. Currently sitting about 140 pips. We’ve left a minimal size left on the trade. We’ve been closing profit the entire way down, but definitely a pretty decent trade for the week this week on the NZDUSD. Let’s zoom it in here on the daily timeframe. Of course we have been in a long-term uptrend, but we have recently been finding a resistance high up here at 0.7300, the pink-shaded area at the very top of the chart. We’ve fallen off of that and now made a new low over the past couple of days. Let’s zoom it in a coupe of times here on the daily. What I mean by the new low is it broke through the green-shaded area, where four days it found support, pushed through there, and now has continued down to the blue zone. In a similar situation that we saw the breakdown of the green zone, we’re now waiting to see if the market will break through the blue zone. That’s right around the 0.7155, 0.7160-level, is the blue-shaded area. So, a break of 0.7155 or so, we would look for it to head on back down towards the 0.7100-level, which is the yellow-shaded area, and clearly that’s our next support as you could see back here on the left-hand side. So, we’re looking for 0.7125 to 0.7100 as our next potential target, especially if you’re still in the sells. If you’re not in a sell, I think you probably want to look for the breakdown of the blue-shaded area or another rally back up to the green zone. Now, on the other side of that, if you’re looking for a buy scenario. Let’s say we get some negative news out of the US today on the news that happens at 8:30. If it’s negative for the US, it’s likely we look for reversal from the 0.7155-level. Back above the blue zone, 0.7180, we could target back to the green zone. So, if you’re in the sell, protect profit like I am. I’ve moved my stop loss now inside the green-shaded area to protect profit from the pink zone, where we sold it. About half of the profit is protected with the stop loss. If it goes up, so be it. I’ll close the trade out at the green zone. But if you’re looking for a new opportunity, reversal from the blue zone, look to target the green zone or the pink zone. Continuation of this downward fall with good news out of the US, we’ll look for it to head on back down towards the yellow-shaded area for the NZDUSD today. https://www.youtube.com/watch?v=Cq6viV2peJ0 Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.