cyanfrog

NZDUSD possible pin bar forming

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
Possible pin bar is forming on nzdusd             , we have 76% fibo and strong down trend. If daily candle closes like this -the following plan is to wait with pending sell order for price to retrace to 76% fibo again. Inital SL would be just above daily pin bar high.

If price breaks pin bar low, change SL to BE and watch how the price handle previous trouble area(green box).

BE in this trade is very important, that is exactly why I would ratcher open new position on retrace and not on bar break. Selling on retrace gives me much more space and lower inital SL and by the time price reaches bar break the move could be over.

First target would be 0.6645 and it's possible to take profit there- depends on the momentum and future candle formations.

Second target is 0.65 and at this point I would lock some profit and let the price slide.
cyanfrog
a year ago
Price rusched without retrace.
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