Technician
Short

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 ;
My trading channel https://telegram.me/technician_forex_trades
Sam0101
2 years ago
hi technician, wad u think about AUD/USD? it seems to be bullish trying to break 94.6 ?
Reply
Technician TOP Sam0101
2 years ago
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
2 years ago
Great, but it has try times on trying to break 0.945, but it seems failed in doing so.
Reply
TradersClassroom
2 years ago
Why did you choose 9410 as you invalidation point?
Reply
Technician TOP TradersClassroom
2 years ago
Because its above the 0.9380-0.9390 resistance level, and due to money management/risk reward measures.
Reply
TradersClassroom Technician
2 years ago
Okay. Thank you
Reply
Ansari
2 years ago
hi technician,welcome, wad u think about XAUUSD?
Please, leave comments about gold earlier.
Reply
Technician TOP Ansari
2 years ago
Hey mate, I just published my trading levels for gold.
Reply
Technician TOP
2 years ago
First target hit, moved stop loss to entry.
Reply
Technician TOP
2 years ago
Update: Second half was closed at entry
Profit(pips)= + 48 pips
Reply
AndrewDavies
2 years ago
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
Reply
Technician TOP AndrewDavies
2 years ago
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.
Reply
AndrewDavies Technician
2 years ago
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
2 years ago
Here is an example ,
GBPUSD: Simple Short
Reply
AndrewDavies Technician
2 years ago
Thank you. Got it. Limit order not filled makes sense. Keep up the good work. Cheers
Reply
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