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IvanLabrie
Jan 27, 2015 2:31 AM

NZDJPY: Sell the retrace short Short

New Zealand Dollar/Japanese YenFXCM

Description

I'm considering placing two limit sell orders in this pair, at the 89.503 mark.
I'll cover one once the first target is reached and place a buy limit at break even on the second order.

The premise is that I expect to see a mild move up, before crashing down and reaching at least my 1:1 r/r target level.
Invalidation level is the yellow line, yet stops are placed at the 91.372 mark for now, to maximize risk/reward.

Good luck!

ps: Hat tip to jangseohee, who made me realize we had this formation in this pair.
Comments
IvanLabrie
Close to the retrace target. Might still be at play once we hit the entry level.
IvanLabrie
Cancelled pendings here, waiting for usdjpy to give me a fill at 117.17.
For now I stay out.
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