NZDUSD broke short at point A bursting through the support. The price action has now come back up to test that previous support as a new resistance level (Point B). Once this breaks back through, this will be a good entry short placing your stop where indicated on the drawing. There will be no take profit on this one but we will keep moving our stop to lock in profit until the trend reverses and stops us out in profit. Remember you original stop should not lose you more than 1-2% of you account.
Happy trading. The Trading Box.
Trade active
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Trade entered short with SL @6692
Trade closed: stop reached
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Comment
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This has since taken my original thesis after the false breakout. It has broken the support line and now is retracing to test the previous support as its new resistance. I would be looking to enter short at around point B when the trend returns short.
Trade active
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I have entered this trade at 6664 with a stop loss at 6693