benjamintrades

NZDUSD Short - give my ideas a read..

Short
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Caught every short coming out of each bearish signal - being the wedge & the two flags as you can see. I’ve held the short from the most recent flag as I expected price to keep dropping. However, it hasn’t done so as smoothly as I had hoped and I’m running in some negative. Nonetheless, current prices leaves me with every expectation of it dropping still. If you would like to enter a short on this trade a great time to do so would be now.

We’ve approached a double top of the 4HR and have definitely seen some decelerations with some high test dojis to add to this. We’re at the 0.6000 level which will give us more reason to short. With price at 0.6050 currently, I predict we will drop on the basis that we’ve wiped out the bears who will have shorted the 0.6000 level and set stops between 0.6030 - 0.6050. We’ve also seen this level be used as both support and res many a time in the passed and we're perfectly hovering around the 0.618 fib retracement level.

✓ - Double top
✓ - Deceleration in most recent 4HR
✓ - Bearish MACD confluence
✓ - 0.6000 psychological level
✓ - Lots of previous support/resistance from this level
✓ - 0.618 Fibonacci Retracement Level