Multi-Year Resistance - Tweezer Top

FX:AUDNZD   Australian Dollar / New Zealand Dollar
178 13 8
Hello traders,

Well here is a pretty textbook/simple setup. I've had my eye on this for a couple days now, and the time seems right to enter. This pair has trended up to retest not weekly resistance but MULTI YEAR RESISTANCE! It has formed a tweezer top candlestick formation at resistance.

Stops: placed at 1.1483 above previous volatility highs during September 2015's test of the resistance area .

Target: first target is placed slightly above support which has held between May 2015-Present Day 2016. The second target is at the all time low for this pair at 1.0037 (secondary profits will be taken around that area depending on price action.)

Note: Yes I have taken note of the possible inverse head and shoulders pattern which has formed. But it is only validated upon a break above the multi-year resistance. If we get a break above the multi year resistance than I will change direction accordingly and look for buying opportunities with targets to be posted upon a break higher. Life is about probability, and the probability of success.
Trade active: Just took 1st target profits. Leaving the rest of the position to reach target two.
Great, most people were looking to buy it.
Daniel.B IvanLabrie
+1 Reply

I took the opportunity and added more shorts back into this pair during the consolidation between 1.06 - 1.075. Price has now broken below the consolidation support at 1.06; It completed it's retest and I expect another retest of the 1.035 lows again. (Trade is still active)
Also market came very close to the 200 MA, falling right back down, going great mate. Thank you for sharing :)
+1 Reply
Daniel.B moneymaking
Yep no problem, thanks for sharing your outlook also man! Our office manager is a former hedge fund manager and he also shares the view of consolidation for this year before new highs are made. I also entered short shortly after the AUD/NZD short, due to the weekly doji formed at resistance.
+1 Reply
moneymaking Daniel.B
Are you shooting for the previous lowest close as the target on this one?
Daniel.B moneymaking
Yea 34.25 and the previous lowest close! =) I might trade the 1HR Chart range that is forming right now on the short side also.
+1 Reply
moneymaking Daniel.B
Awesome. All the Best mate :)
Hey mate, always a pleasure to see your ideas. Great setup, low risk high reward, love it :)

All the BEST and Thank You for sharing :)
+2 Reply
Daniel.B moneymaking
Yo moneymaking, thanks man appreciate the kind words! Yes, it is a pretty decent setup. haha let's see how it plays out.
+1 Reply
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