Technician
Short

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

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
3100 21 71
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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Wish me luck and best of luck for everyone.

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My best regards
Technician
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moneymaking
a year ago
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
FXMONA
a year ago
how it can be active trade? price is now 0.8600 level. :)
Reply
BombayBulls
a year ago
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
mpenaloza
a year ago
this set up is also the pull back of a double top in the monthly chart. like it a lot.
Reply
Kingfisher1978
a year ago
Good luck, good setup. Thanx
Reply
tcas
a year ago
Agree. Hope it will be a profitable trade. Maybe take this trade on Monday.
Reply
laprofi
a year ago
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
trace7094f8
a year ago
Nice set up.
Reply
Dinkan
a year ago
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
Reply
Update: I added another 0.2 lot at 0.8650.
Reply
Marvin Technician
a year ago
I'm with you mate
NZDCAD Bearish Butterfly setup
Reply
Dinkan Technician
a year ago
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
Technician TOP Dinkan
a year ago
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
a year ago
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
a year ago
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.
Reply
Technician TOP Captain_Walker
a year ago
I dont see a double bottom, actually its a possible inverted head and shoulders.
snapshot
+1 Reply
cipri.blaga
a year ago
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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