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youngbossy
Sep 22, 2020 8:12 PM

Looking to Short NZDUSD with this setup. (UPDATED)  Short

FOREXCOM:NZDUSD240
New Zealand Dollar / U.S. DollarFOREX.com

Description

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The the chart we can see a clear reversal pattern (Double Top) formed, and also a break through the up trend support that has held for days.

We see that Price is about testing the 0.66177 horizontal support, at this level, I'm expecting a little rejection to the upside before finally breaking breaking through the horizontal support to the downside.

We can make our entry with 1:3RR at 0.66410 and SL=0.66826 and TP=0.65164.

Please do let me know your thoughts and questions in the comment session.
Trend AnalysisChart PatternsBeyond Technical Analysis
Comments
jaydanroach00
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hi mate, I'm not too sure what to do because if you look at EURNZD that's looking to sell meaning NZDUSD might Buy? what are your thoughts on this?

thankyou
youngbossy
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@jaydanroach00 I see a double bottom on EUR/NZD pair with price strongling to break the neckline on 1D chart.

If it does break the neckline, I think it'll be best to go long on retest to support.

I might chart this latter before start of trading.
Subrato-Nandi
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like your trade bro! thanks
Mindsetinvestor
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nice clean set up
CFDStephenwood
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It was great to see your work
youngbossy
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@CFDStephenwood good to hear from you.. Thanks.
sunnysagoo
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Nice trade!!!!

Did you wait for the new lower high or execute on the trend line break and retest?
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