GBPNZD 15M US SESSION SCALP SHORT TRADE

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EDUCATION
GBPNZD 15M US SESSION SHORT SCALP 56 PIPS
British Pound / New Zealand Dollar (FX:GBPNZD)
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Trend Analysis Chart Patterns Technical Indicators mpattern Inverted Hammer swinghigh pinhammer stophunt engulfment fibarclevels tradingstrategyguides 15m

1st Chart
7 AM EDT - Bearish Reversal M Pattern developed - Trade Bias Short

2nd Chart
6:45 am EDT - Inverted Bearish Green Body Hammer created swing high
7 am EDT - 2nd candle is a High Bull candle. High Bull candle is highest green candle body that closed. We are going to use the bearish wick low of the High Bull Candle as the level for the engulfment breakout to take place. 1st engulfment is the 7:15 am candle body engulfs the 7am candle. The breakout 2nd engulfment candle is the 7:45 am candle.
7:45 am EDT candle is a Pin Hammer candlestick . The bullish wick of this candle is a stop hunt into the high of the inverted Bullish Hammer . This is a stop hunt for those traders who entered a short trade from the inverted hammer entry bullish signal to hit their breakeven stop level.
7:45 am EDT - ENTRY - Short Stop Order made at High Bull candles low @1.9115 .
Stop Loss above inverted hammer's high.
Take Profit found using the Fib arc indicator adjusting levels every 100% up 600% level for Take Profit levels.
Measured Move levels are calculated from a fib arc indicator

Comment:

The 600% TP level was a Market Makers stop hunt to balance out long orders on Jul 6th 1 am.