Get started
arieg1985

Potential Short Position for NZD/USD_Trade Plan 2017.08.03

Short
New Zealand Dollar / U.S. Dollar (OANDA:NZDUSD)  
arieg1985  
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
Trend Analysis Chart Patterns NZDUSD short tradeplan daytrade breakout
2
0
trendanalysis chartpattern nzdusd short tradeplan daytrade breakout
snapshot

Legend for price level, trend line, and rectangle:
Dark Gray > Weekly Level
Blue > Daily Level
Red > H4 / H1 Level
Green > M15 / M5 Level
Yellow > M1 Level

D1 and H4 are both show the overall trend is still up with price holding above MA200.
However, in H1, yesterday price breaks down both support area 0.74562 - 0.74654 and MA200, re-test it, and rejected down.
Currently, price also continues breaking down the nearest support area 0.74028 - 0.74141.

Trade Plan:
If price bounce back to this area (which confluencing with the nearest down trendline) and rejected down, short the market to follow the short term down trend.
With Stop Loss 30 pips and Target Profit 60 pips, the potential trade offers 2.00 Reward-to-Risk Ratio.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.