Daniel.B
Short

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.
Reply
Daniel.B IvanLabrie
Thanks!
+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)
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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?
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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 :)
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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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