SUPPLY ZONE & SMA 200 CONFLUENCE AUDNZD SELL TRADE ON 4HOUR
* SMA 200 dynamic resistance and supply zone confluence detected
* Price entered the resistance confluence zone and touch both the supply zone and SMA 200 before reversing.
* Price reversed failing to make a successful bullish breakout of the zone and SMA 200 {i.e. we didn't print any candle that its complete range doesn't touch the confluence} and form a bearish pin bar
* ENTRY :- Pending order at the low of the pin bar candle
* STOPLOSS :- SL to be set at 2pips above SMA 200
* TARGET :- 2:1 Reward Risk Ratio
* TRADE MANAGEMENT :- Move stoploss to breakeven at 150% profit i.e 1.5:1 Reward Risk Ratio
* Price entered the resistance confluence zone and touch both the supply zone and SMA 200 before reversing.
* Price reversed failing to make a successful bullish breakout of the zone and SMA 200 {i.e. we didn't print any candle that its complete range doesn't touch the confluence} and form a bearish pin bar
* ENTRY :- Pending order at the low of the pin bar candle
* STOPLOSS :- SL to be set at 2pips above SMA 200
* TARGET :- 2:1 Reward Risk Ratio
* TRADE MANAGEMENT :- Move stoploss to breakeven at 150% profit i.e 1.5:1 Reward Risk Ratio
Comment:
We will be entering the trade with a SELL STOP at the low of the PIN BAR
Trade closed: stop reached