jojofang0901
Long

NZDUSD INTRADAY BREAKOUT TRADE SETUP

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
304 0 18
Hi everyone:

Here is my view on NZDUSD             LONG any feedback is greatly appreciated it. Thank you

Trade: #13
Date: 12/23/2016
Time: 07:00 GMT            
Forex Pair/Commodity: NZDUSD            
Position: LONG (BUY)
Reward/Risk: 3:1

After an over extended run to the downside, price has formed a symmetrical triangle on the 1 HR            
chart, potential reversal of the trend. Since daily chart is several days into its run, this is a
pullback trade to roughly 0.70000, strong horizontal resistance area for a 3:1 reward/risk ratio trade setup.

My Analysis:

Daily: Over extended run to the down side, formed some reversal candles like inverse hammer candles, pull back is needed to 0.7000 resistance area before continue its downtrend.
4 Hour: Formed double bottoms, rising MACD
1 Hour: Price has found short term support and formed a symmetrical triangle, ready to break to the upside
Comment: Here is the DAILY chart:
Trade closed: stop reached: Price broke out of the symmetrical triangle pattern, but fall down sharper right after in the New York session, taking us out @ 1% loss. Again, losses are part of FX Trading, it's simply inevitable. Journal down all trading related information, and move on to the next opportunity.

Date: 12/23/2016

Time: 17:00 GMT
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