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

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
4007 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
-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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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?
Technician BTCMarket
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.
BTCMarket Technician
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.
just followed you.
Keep working!
very good idea sir je
Nice trade Technician.
+1 Reply
Stopped out: Profit= -720$
New Balance= $29,126
Good trade just got ticked out. Happens to us all.
+1 Reply
gim Technician
What a pity!
alr14uk Technician
Hi Technician, just wondering how you picked your stop loss for this? Thanks!
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