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Cohiba93
Feb 6, 2017 8:51 AM

Double Top on NZDJPY Short

New Zealand Dollar/Japanese YenFXCM

Description

Relatively short idea combining both fundamental and technical analysis that shows a double top having formed on the pair indicating a further drop than we've seen these past few days.

The conservative target is a very strong area that once showed some consolidation. If it breaks this area, expect a further drop to the aggressive target that showed very strong resistance in the past. Albeit a riskier target, the latter is very promising if S&R levels are to be trusted.

Trade open: 81.82
SL: 82.358
TP1: 80.736
TP2: 77.09

Trade active

Comment

Conservative target reached!

Comment

I closed this trade once it hit the conservative target the first time, but I'm still monitoring it in the event it shows a potential plunge to the aggressive target.

Stay tuned!

Trade closed: target reached

The idea has panned out perfectly with a gain of 476 pips. Well done to everyone who took this trade!
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