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TraderSystematic
Jun 13, 2014 12:03 AM

failed short setup 

British Pound/New Zealand DollarFXCM

Description

Momentum: 98 ( below 100 )
Price: Below 20 & 50 moving average
Execution Zone: Below 68% of move Fibonacci
Momentum (9): 100.56 ( Just above 100)
Bands: widening slightly (acceptable shape for trade)
Volume: Relatively high volume (not so valid for Forex)
S&P: Not applicable
Conclusion: The set up has limited success rate and the entry point is premature and stop loss is too close, regarding the A.T.R. Also there is major resistance line ahead like 1.9084, 1.9019, 1.8862
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