Technician
Short

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

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
3126 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.
snapshot
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 TOP Captain_Walker
I dont see a double bottom, actually its a possible inverted head and shoulders.
snapshot
+1 Reply
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
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