NZDJPY INTRADAY BREAK OUT TRADE SETUP
Updated
Here is my view on NZDJPY SHORT, Any type of feedback is greatly appreciated it. Thank
you
Trade: #11
Date: 12/19/2016
Time: 04:00 GMT
Forex Pair/Commodity: NZDUSD
Position: SHORT (SELL)
Reward/Risk: 4:1
Opportunity:
Weekly: Over extended to the upside, hit horizontal resistance line of 83.00, form a nice high test candle
Daily: Hit previous resistance zone of 82.50~83.50. Doji candle followed by a bear engulfing candle, bearish momentum confirmed
1 Hour: Price broke the short term support trend line first, then break down the long term support trend line dated back from the US election on November 8th 2016. Price begin to form a bearish flag pattern, sell at the break out.
Looking to take this pair to daily strong horizontal support zone 80.00 and 0.382 fibs retracement for roughly 4:1 reward risk ratio.
Thank you for your support
you
Trade: #11
Date: 12/19/2016
Time: 04:00 GMT
Forex Pair/Commodity: NZDUSD
Position: SHORT (SELL)
Reward/Risk: 4:1
Opportunity:
Weekly: Over extended to the upside, hit horizontal resistance line of 83.00, form a nice high test candle
Daily: Hit previous resistance zone of 82.50~83.50. Doji candle followed by a bear engulfing candle, bearish momentum confirmed
1 Hour: Price broke the short term support trend line first, then break down the long term support trend line dated back from the US election on November 8th 2016. Price begin to form a bearish flag pattern, sell at the break out.
Looking to take this pair to daily strong horizontal support zone 80.00 and 0.382 fibs retracement for roughly 4:1 reward risk ratio.
Thank you for your support
Note
Here is the WEEKLY CHART:Here is the DAILY CHART:
Note
Move Stop Loss to break even at entry price of 81.00. Nice drop from where we entered in. Now already in 100 PIPS in profit, roughly 2%, 2:1 reward/risk ratio now. Still aiming for the daily support of 80.00 as the target. Date: 12/19/2016
Time: 17:00 GMT
Note
Correction: Move Stop Loss to break even at entry price of 82.00***Date: 12/19/2016
Time: 17:00 GMT
Trade closed manually
Looks like some bullish momentum coming in on the shorter time frame. Manually exit the trade out @81.25 for roughly 1.5% profit. Date: 12/19/2016
Time: 18:00 GMT
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