Daniel.B
Short

Multi-Year Resistance - Tweezer Top

FX:AUDNZD   Australian Dollar/New Zealand Dollar
177 13 8
8 months ago
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.
7 months ago
Trade active: Just took 1st target profits. Leaving the rest of the position to reach target two.

Related Ideas

moneymaking
8 months ago
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
8 months ago
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
moneymaking Daniel.B
8 months ago
How's been 2016 start so far? Seeing any new equity highs on the equity curve or just in consolidation mode? ;)
Reply
Daniel.B moneymaking
8 months ago
It's been good man, solid start very chill with the longer term swings I've been playing. GBP/NZD might be ready for another big swing to retest previous monthly highs. Technically, on the monthly for SPX Futures I could see new highs placed. Fundamentally, I think we stay in consolidation mode till at least Q3. Either way, we trade long/short or neutral. =D
+1 Reply
moneymaking Daniel.B
8 months ago
Yeah we got the referendum coming up june 23 i believe. These terrorist attacks recently in Brussels, have increased the chances of UK leaving Europe Union, which will be very bad for their currency. Still lots of possibilities, picture will get more clear as we get closer to june 23. I really don't see SPX making new highs to be honest. Need really strong momentum news to get out of this trading range. I am just ready to sell the highs and take profit at the lows. Staying away from buying for now. Great to hear your outlook mate, always appreciated :)
Reply
moneymaking
8 months ago
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
8 months ago
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.
snapshot
+1 Reply
moneymaking Daniel.B
8 months ago
Are you shooting for the previous lowest close as the target on this one?
Reply
Daniel.B moneymaking
8 months ago
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
8 months ago
Awesome. All the Best mate :)
Reply
Daniel.B
4 months ago
snapshot


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)
Reply
IvanLabrie PRO
2 months ago
Great, most people were looking to buy it.
Reply
Daniel.B IvanLabrie
2 months ago
Thanks!
+1 Reply
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