matt_forex

Hourly Pin bar. Intraday short

Short
FX:AUDNZD   Australian Dollar / New Zealand Dollar
603 views
1
A nice pin bar developed after the recent move up.

With a break of both 1.26421hourly support zone and the 20ma enter short, with a stop above daily resistance zone at 1.26641.

First target at the .385 fib retracement taken from the most recent move up, once this target is reached move stop to B/E,

Also, I do not usually use RSI , but I did notice some divergence.

Comments

Well, it looks like my entry was off a little bit and was stopped out. But it does look like a correction is taking place.
Reply
Hey, artaj68 some correction should take place, but with the momentum of the move up I would use a defensive stop and get out on any sign of resuming the move up
Reply
Some correction should take place.
Reply
thanks for posting. good idea.
Reply