EURNZD is a good pair for trend trading.
This is how the trend can develop on EURNZD.
EUR/USD is falling and NZD/USD is rising.
So EUR/NZD will fall strongly
But we don't need to look at EUR/USD and NZD/USD charts.
We just need to look at EUR/NZD weekly chart and we will find where this pair is going.
Read this blog post in which I explain a recent EUR/NZD short trade.
First I look at weekly and daily chart of EUR/NZD.
For the last 8 days EUR/NZD has been falling.
So I know the downtrend is strong.
I shift to H4 chart and look for a low risk entry.
I always use pending orders when I open a new trade.
This gives me an entry with a low risk.
Sometimes the pending order doesn't get filled.
Don't worry. There is always another opportunity soon.
