NZDCAD: Simple Short-term Short Setup

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
985 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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hi technician, wad u think about AUD/USD? it seems to be bullish trying to break 94.6 ?
Hello, i think the AUDUSD is still in a short term sideways range among 0.9200-0.9450, therefore a downside pullback seems likely. But if we break and hold above 0.9450 more upside will be favored.
+1 Reply
Sam0101 Technician
Great, but it has try times on trying to break 0.945, but it seems failed in doing so.
Why did you choose 9410 as you invalidation point?
Technician TOP TradersClassroom
Because its above the 0.9380-0.9390 resistance level, and due to money management/risk reward measures.
Okay. Thank you
hi technician,welcome, wad u think about XAUUSD?
Please, leave comments about gold earlier.
Hey mate, I just published my trading levels for gold.
First target hit, moved stop loss to entry.
Update: Second half was closed at entry
Profit(pips)= + 48 pips
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
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.
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.
Technician TOP AndrewDavies
Here is an example ,
GBPUSD: Simple Short
AndrewDavies Technician
Thank you. Got it. Limit order not filled makes sense. Keep up the good work. Cheers
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