Technician
Short

AUDNZD: Short following the trend

FX:AUDNZD   Australian Dollar/New Zealand Dollar
2389 26 36
Update: very strong employment numbers, I closed this trade at 1.0170

Shorting on support break within the context of the overall bearish trend

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Trading Criteria:
1.Trades are taken in two units
2.First unit would be closed at first target
3.Stop loss is then moved to break-even
4.Second unit would be closed at second target
Notes:
5) If 90 percent of first target is reached without triggering entry I cancel the trade
6) If 90 percent of first target is reached I move stop loss to breakeven.
7) Remember: Losing is a main part of the game

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very strong employment numbers, I closed this trade at 1.0170
-1 Reply
Very strong employment numbers indeed. Will you try selling again now?
Reply
PriceActionTrading PriceActionTrading
This is why i am suggesting it.

snapshot
Reply
BoonOng PriceActionTrading
PriceActiontrading - given to the current graph you posted, with rejection from 20SMA, it is possible for short. Where is the suppose entry for short - i suppose for the support broken at ur 61.8%?
Reply
Nope. If short at the break of 61.8%, risk reward is low, really low as i have no intention of holding any trades for more than a week.
We short at 1.018 - 1.02 with SL just slightly above yesterday's D1 bar.
Reply
BoonOng PriceActionTrading
ah considering that is based on your SMA? =)
Reply
And rejection of 1.0200 and 61.8%.
This trade could of course be an ascending triangle trade, depending on the strength of AUD. considering how the market have done for the past 2 days it is quite unpredictable i must say. But this is a straightforward trade worth keeping a lookout.
I have posted an idea on my page.
snapshot
Reply
simplicity, n1 Tech
Reply
In fact from fundamentals point of view, NZ is talking about raising rates, while Aus is talking about at least one more cut soon. It's only a matter of time until exchange rate is below parity.
Reply
Agree mate, unless the fundamentals change the pair remains a sell
-1 Reply
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