Technician
Short

(J) Trade 19 : Shorted at Double Top Neckline #forex

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
3115 21 72
Update 2: Closed all position at 0.8618.
Profit= $50.
New Balance= $29 155

Update: I added another 0.2 lot at 0.8655
===========================================================================
Trade 19: Short NZDCAD             @0.8620
Trade Status: Active
S.L @ 0.8720
T1 0.8445
T2 0.8357

Balance= $28 000 Position size = 1 lot ~ 2.5% risk of capital
===========================================================================
Reasoning
  • Double top breakout on the weekly chart
  • Retest and rejection at the broken neckline
  • 1.271 extension for the latest abc

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Technician
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Hey Technician, good to hear from you after long time. I hope you are doing great. Great setup mate with that pin bar on your side. Awesome. Wish you the best of luck :)
Reply
how it can be active trade? price is now 0.8600 level. :)
Reply
I would say entry is little early ( good R @ ~ 0.8655 ) or little late ( Because missed 0.8690 ) depending upon how one looks at it. Given the way NZD is behaving currently and USDCAD on breakout mode, it's time to be cautious. I am leaving this pair alone but Good Luck to you :)
+2 Reply
this set up is also the pull back of a double top in the monthly chart. like it a lot.
Reply
Good luck, good setup. Thanx
Reply
Agree. Hope it will be a profitable trade. Maybe take this trade on Monday.
Reply
Hi! I also entered to short.Nice pin-bar broke Kumo Cloud and pushed him down.
Reply
This one looks perfect mate, good luck.
(I posted it today too, same conclusion, but different approach:
NZDCAD/Pair trade: Just short everything...
)
Reply
Nice set up.
Reply
This is a good set up. Price bounced back from resistance a couple of times on daily and h4 chart. The position of 200 ma confirms a down trend
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Update: I added another 0.2 lot at 0.8650.
Reply
Marvin Technician
I'm with you mate
NZDCAD Bearish Butterfly setup
Reply
Dinkan Technician
Looks like your are pretty confident about this trade. In fact, I am also in this trade. Hope things will run better for us.
Reply
Well, Comments from wheeler few hours ago made things a bit tougher.. however, i am still holding to my setup.
Good luck to you.
+3 Reply
rollbahn Technician
Looks like it has flipped from resistance to support to my eye - 86 seems to be holding now as support. Probably will turn around and come back down at some point around 87 so it's going to be a close call with your SL at 87.20. Good luck
Reply
andrein Technician
shh.. don't scare it :) SL held, so it might as well come back down..
Reply
Is there a double bottom in there as well? Even so what does one do if there is both a double top and a double bottom over the same period of analysis? I'd really like to know.
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Technician TOP Captain_Walker
I dont see a double bottom, actually its a possible inverted head and shoulders.
snapshot
+1 Reply
is this still available?
Reply
Update: I closed all position following today's hammer candle.
snapshot
Reply
Closed at 0.8618.
Profit= $45.
Reply
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