nzd/usd 60 min short

I have been extremely busy over the last several weeks as you can see from a lack of posts. My only trade that I took this week was a short on the NZD/USD 60 minute chart. It was a slingshot trade that I waited for. As you can see momentum was weighted towards the downside with a close below .6670 area and weekly pivot. The pair then retested the area and gave me my slingshot trade. Slingshot trades occur when a confluence of s/r, fibs, pivots, etc. cluster together. A confluence of events (COE) if you will. As you can see from my entry, price came back to retest an established cluster zone. A bearish candle printed and as you can see from my momentum indicator was "cheering" the trade on. Some people like to call it confirmation, but how many things need to line up before you press the darn button? LOL!!!! I have included another trade for your viewing pleasure. Unfortunately I missed this one. Ugghh!!!!!

NZD/USD 9-8-08

NZD/USD short. Sentiment was dollar positive and a nice slingshot trade presented itself. I needed to be greedy with this trade. I have a clear understanding of s/r and when I saw that the base of the fractal lined up with the .618 target as opposed to .786 target, I opted to cash in on the .618 target. Thank goodness I did. The pair never made it to the .786 then blasted off in the other direction.