NZD/USD Short based on Fibonacci and SR ( Counter Trend )
I am posting this idea based on Monthly Fibonacci 61.8% Retracement and Previous Support and Resistance values
i have made certain assumptions.
Reasons For Entry
1. The Market is Bullish See Monthly Chart Posted Below
2. There is a major Pivot ( S - R ) Level @ 0.7300 See Monthly Chart Posted Below
3. The 38.2% Retracement of the Last Major Bullish Move See Monthly Chart Posted Below
Method of Execution ( If Then )
1. If Price Reaches 0.7300 Then Monitor Price Action on 1 Hour & 4 Hour Chart For Bearish Price Action
2. If Price Action Is Bearish and Below 0.7300 on Chart ( Exhaustion Candles or Harami (2 -3) candles on 1 Hour Chart Then Confirm Bearish Candle on 4 Hour Chart.
3. if Divergence i Confirmed using RSI Then Enter the Trade
Entry and Possible Exits
1. Place Two ( 2 ) Sell Stops @ 10 Pips at Below Close Of Confirmation Candle
2. Place Stop Loss @ 1 ATR ( Daily) Above Last Bullish Candle High ( in this Case Approximately 75 Pips
3. Place Take Profit # 1 @ 0.7025 ( Nearest Structure Low)
4. Place Take Profit # 2 @ 0.6860 (Secondary Structure Low)
5. If Take Profit # 1 is Achieved Move Stop Loss on Second Position to break Even
Note
1. Economic News may Affect Trade Sentiment and Parameters please View up Coming News Events fxstreet.com/economic-calendar
Please Review and Comment
i have made certain assumptions.
Reasons For Entry
1. The Market is Bullish See Monthly Chart Posted Below
2. There is a major Pivot ( S - R ) Level @ 0.7300 See Monthly Chart Posted Below
3. The 38.2% Retracement of the Last Major Bullish Move See Monthly Chart Posted Below
Method of Execution ( If Then )
1. If Price Reaches 0.7300 Then Monitor Price Action on 1 Hour & 4 Hour Chart For Bearish Price Action
2. If Price Action Is Bearish and Below 0.7300 on Chart ( Exhaustion Candles or Harami (2 -3) candles on 1 Hour Chart Then Confirm Bearish Candle on 4 Hour Chart.
3. if Divergence i Confirmed using RSI Then Enter the Trade
Entry and Possible Exits
1. Place Two ( 2 ) Sell Stops @ 10 Pips at Below Close Of Confirmation Candle
2. Place Stop Loss @ 1 ATR ( Daily) Above Last Bullish Candle High ( in this Case Approximately 75 Pips
3. Place Take Profit # 1 @ 0.7025 ( Nearest Structure Low)
4. Place Take Profit # 2 @ 0.6860 (Secondary Structure Low)
5. If Take Profit # 1 is Achieved Move Stop Loss on Second Position to break Even
Note
1. Economic News may Affect Trade Sentiment and Parameters please View up Coming News Events fxstreet.com/economic-calendar
Please Review and Comment
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.
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.