NZDUSD time to short after third try to breakout failed
Updated
Today we are looking at one of my current open trades.
This week the NZDUSD pair has been in focus for me, The Bullish breakout last friday was quickly recovered and price quickly reversed to below the Bearish trendline, this opened the door for a Bearish reversal this week.
On monday we have seen price moved up initially but was unable to come near the high of friday, a strong reaction by buyers came in at 0.73749, not surprisingly due to the nearest resistance structure from March (now potentially support). However after a quick run up the Bulls quickly lost their appetite.
Tuesday is presenting itself as a confirmation that the reversal has truly begun.
I shorted just now;
4 hour chart;
My entry on the hourly, based upon structure on this time-frame;
This week the NZDUSD pair has been in focus for me, The Bullish breakout last friday was quickly recovered and price quickly reversed to below the Bearish trendline, this opened the door for a Bearish reversal this week.
On monday we have seen price moved up initially but was unable to come near the high of friday, a strong reaction by buyers came in at 0.73749, not surprisingly due to the nearest resistance structure from March (now potentially support). However after a quick run up the Bulls quickly lost their appetite.
Tuesday is presenting itself as a confirmation that the reversal has truly begun.
I shorted just now;
- Open; 0.73396
- SL: 0.73720
- TP: 0.72450
4 hour chart;
My entry on the hourly, based upon structure on this time-frame;
Trade closed manually
Currently price is on the move, today it fell through the 0.73xxx level and traded significantly lower. I had adjusted my Stoploss just shy of Breakeven, above the recent double top (see 1H chart below) At this point the market started to retrace some. I decided to pull the plug since we are heading into the weekend and i saw a significant Fibonacci level which can lead to some resistance on the way down. 1H Chart
Daily chart:
Took some decent profits and looking to re-enter when the opportunity is there!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.