Technician
Short

NZDCAD: Simple Short-term Short Setup

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
989 15 15
Update: First target hit, moved stop loss to entry.
Update: Second half was closed at entry
Profit(pips)= + 48 pips


I am short from 0.9362, as price may have completed a retest to the broken support area , hinted by the multiple rejection from that level. The bigger picture over the daily chart shows a bearish breakout below the 50-days SMA . Lets see how this trade unfold. Good luck to you and me :)

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game ;
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Hello there, I like your methodology and it's very similar to mine. Can I ask you to explain rule 5 in your trading criteria please? This might be an important part I'm missing in my plan.....Many Thanks, Andrew
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Technician TOP AndrewDavies
Hi, I mean that if price moves towards my first target without getting me filled(triggering my entry) then I will cancel the trade, i wont take it if price moves back towards my entry.
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AndrewDavies Technician
Thanks for the reply. Would it be possible to send me a link to an example of a cancelled trade, so that I can fully understand what you mean? Many Thanks.
Reply
Technician TOP AndrewDavies
Here is an example ,
GBPUSD: Simple Short
Reply
AndrewDavies Technician
Thank you. Got it. Limit order not filled makes sense. Keep up the good work. Cheers
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Update: Second half was closed at entry
Profit(pips)= + 48 pips
Reply
First target hit, moved stop loss to entry.
Reply
hi technician,welcome, wad u think about XAUUSD?
Please, leave comments about gold earlier.
Reply
Hey mate, I just published my trading levels for gold.
Reply
Why did you choose 9410 as you invalidation point?
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