Technician
Short

(J)Trade 28: One more dip #NZDUSD #FOREX

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
3950 26 64
Trade 28: Short NZDUSD             @ 0.6500
Trade Status: Active
S.L 0.6560
T1: 0.6425
T2: 0.6350

Balance = $29,846 Position size = 1.2 lot ~ 2.5% risk of capital
===========================================================================
Reasoning
-Retesting latest swing lows at 0.6500, may act as resistance
-Pin bar at retest
-A major selloff yesterday, followed by a strong bullish bounce, usually we see another bearish attempt following such price action. We have seen several times recently.

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Wish me luck and best of luck for everyone.

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Technician
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DJC
a year ago
GL Sir. Thanks for posting!
Reply
Technician TOP DJC
a year ago
Thanks mate
Reply
U R SO GOOD BUT WHATS UR IDEA ABOUT RIWARD TO RISK ON THIS POSITION?
Reply
Technician TOP ParvizEhsanifar
a year ago
Thank you. I think the risk-reward is not great but its ok. The average risk reward for the trade is ~ 1.8
Reply
RanaFx
a year ago
but your trade going to sl
+1 Reply
Technician TOP RanaFx
a year ago
So?
Reply
ValeriuV RanaFx
a year ago
why don't you buy it then and get your profit at his sl ?
+1 Reply
Technician TOP ValeriuV
a year ago
Agreed ValeriuV :D
Reply
thanks technician
Reply
Technician TOP manijeh.kazemi.33
a year ago
Welcome buddy
Reply
sudersanrao
a year ago
Hi Techni,
I have analysed your trade and got Confidence in the setup.
I entered a Live trade.
WISH YOU,ME & ALL OTHERS BEST OF LUCK.
Thanks for the setup.
Rao
+3 Reply
AimanMohamed
a year ago
Will it hit TP?
+1 Reply
Spot
a year ago
Thanks for posting!! :)
Reply
JamesZhang
a year ago
I think the put the SL above the former resistance position would be better.
And that's what I did .
my order's SL was at 0.66850
Reply
Technician TOP JamesZhang
a year ago
You were correct. Best of luck
Reply
jacob57
a year ago
Do not hit the stop loss?
Reply
Stopped out: Profit= -720$
New Balance= $29,126
Reply
TradersClassroom Technician
a year ago
Good trade just got ticked out. Happens to us all.
+1 Reply
gim Technician
a year ago
What a pity!
Reply
alr14uk Technician
a year ago
Hi Technician, just wondering how you picked your stop loss for this? Thanks!
Reply
Rookie PRO
a year ago
Nice trade Technician.
+1 Reply
Muhammad Tahir
a year ago
very good idea sir je
Reply
JamesZhang
a year ago
just followed you.
Keep working!
Reply
Hello I wanted to know if you would be so kind as to answer a question I have about this trade. Now I realize anything could be said in hindsight and this is not me criticizing the trade but I simply wanted to grasp one part of this trade setup I didn't understand. As you pointed out there was a strong selloff in NZDUSD but then we get a bullish hammer signalling a potential reversal. The proceeding candle shows this potential as it closes higher than the hammer and it's on the next 4hr candle you proceed to open the trade. I have provided a chart for simplicity. Wouldn't it have been better to wait until a 4hr candle "closed" below that prior hammer to show strength to the downside? Also this trade was opened at the weekly S2 support level right after a hammer candle showed potential of a reversal. I just wanted to get a little more clarity what your thoughts are on what you did what you would do have done differently looking back?
snapshot
Reply
Technician TOP BTCMarket
a year ago
Hey.
The trade was good, in terms of validity. I have shorted at the main resistance around 0.6500, which i think was an appropriate entry, because you never know what the market will do, you just use your expected key levels to initiate a trade.
However, the one thing i would change about this trade is the stop loss, it was a bit tight.
Reply
BTCMarket PRO Technician
a year ago
Thanks so much in getting back, so the validity of the trade was based on shorting at certain levels? As a new trader I'm always looking to guys with more experience and what I've learned the most is not projecting your expectations on the market but adjusting your expectations so they correspond with the realities of the markets perspective. In other words I'm looking for higher probabilities of one thing happening over another, identifying my risk and executing a trade.

This trade caught my eye as I was browsing some of the Forex pairs because of where the the short was executed so I was just keen on getting some feedback to counter my thoughts many thanks.
Reply
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