Technician
Short

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

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
3129 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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Closed at 0.8618.
Profit= $45.
Reply
Update: I closed all position following today's hammer candle.
Reply
is this still available?
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.
Reply
Technician Captain_Walker
I dont see a double bottom, actually its a possible inverted head and shoulders.
+1 Reply
Update: I added another 0.2 lot at 0.8650.
Reply
Marvin Technician
I'm with you mate
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
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