NZDUSD Sell - potentially close to 6x reward ratio Short

New Zealand Dollar/U.S. DollarFXCM

Description

⋅ Jan 23, 2017 7:38 AM

NZDUSD completed a bearish Bat pattern on the H4 chart.
Then again on the smaller M15/H1 chart and quite a significant resistance level

Tool the short at 0.7210 with stops at 0.7245

Trade closed manually

⋅ Jan 24, 2017 2:36 AM

Trade closed with a small loss.
The Dollar Index is showing indication of weak USD. So I am not going against this trend

Comments

lbrincat

⋅ Jan 24, 2017 5:45 AM

Hi BoonHooi,

I saw this bearish bat and decided not to take the trade as the trend on the monthly is up since 2000 and price is at the lower side of the channel. I do not know if it's the right thinking but it kept me out of trouble :)

Regards,
Ludwig