My reasoning for the "false value" after the news reading..
It starts with the CAD, on the 30/10/17 --->THE CAD DROPPED BY 500 pips<--- after releasing their gdp rate and this I can understand as Canada is a large country and even the smallest change would equate to millions im sure. Now the following day 31/10/17 the --->NZD ROSE BY 500 pips<--- after released their unemployment rate for september it apparently had dropped by about 4.5% (average numbers are between 120-130k) which equates to about 5-6k people , also these unemployent numbers are always "false" because the social services here always (and I mean ALWAYS) randomly stop payments to X amount of people and then restart it (which will takes about 1-2weeks) and give you an oops sorry we forgot to send you the letter and backpay you what you are owed. Everyone I know who is currently recieving a social income this will happen to at LEAST twice a year. So in a logical sense these two values do not match, which is why I say that the NZD is/was at a "false value".
Good arguementation. The question is only: Where is the bottom?
FuckyouTvview
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@motleifaul, Hi, thanks and sorry I havent figured out posting these charts yet lol if you scroll around im going for a TP1@76.5 TP2 76.0 and my stop is @78.175
motleifaul
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@St33l0, fine. I have just closed my long position you liked. We are close to your target as well and I see some exhausting of the bears in the short run. By mood still remains bearish, however. Good luck further on!
motleifaul
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@motleifaul, by the way, I almost also don't post targets and stops. The stops are a very personal decision depending fron various factors and are very often subjective. My stops are often changing during the runtime of a position depending from different time frames and indicators. The targets I could post of course but as the chart posted is a shot of the present situation and the "target" lies in the future. As the situation changes the target changes as well. I don't want to be criticized for an opinion I had in the past. Everybody can have a look at my chart and drw his conclusions himselves. I will almost immediately tell it, when I am closing a position due to my actual target. So the original target of my latest NZD.JPY position was much higher the the close now. But as I felt that there is still momentum in the pair I left the position open and drew new targets.
So please, don't consider my question for a bottom as a critic to your idea. The question was more or less a rhetoric one as I was not convinced by myself where the bottom was.
FuckyouTvview
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@motleifaul, No worries my friend, I was laughing at the look of my chart compared to others here it would not have offended me anyway. And good point with why not to post a target as none can tell the future, I agree. I fully closed at my TP1 as Ive decided to move over to sole trading the Nikkei itself rather than ride the JPY crosses as theres a much higher profit margin for me in less volatile moves, though I do believe it will as you say move lower still, particularly with the news yesterday that the NZfirst and The Green Party here are already starting their power struggles this will create at least a small amount of uncertainty so a down trend continuing seems even more likely now. Also I wish you good luck in the future and thanks for commenting :)
motleifaul
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@St33l0, tnx agn 4 ur reply. It's a good idea to trade the Nikkei. I had never looked at it yet but it seems that it is may be easier to trade similiar to gold which a am trading with good result. Perhaps we will see later to diskuss the Nikkei in future. Cu.