NZDUSD: Short At Resistance

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
2362 17
*Update: Stopped out
------------------------------------------------------------------------------------------------------------------------------------------------------------A non-ideal head and shoulders pattern, however price has printed a pin bar at the broken neckline, which turns now to a resistance around 0.7820 area, I am looking for a dip lower, hopefully will be better than my previous oil trade.

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
and here is another losing trade, second in a row
+3 Reply
LastBattle Technician
Its fine :D as long as you're having more winning trade than losing.
Technician LastBattle
Aha, true, but its always not fine mentally..
aircar Technician
Sam0101 Technician
Hi technician, is this still valid. The momentum is going down now.
I liked this purely on your quip about your previous oil trade ;)
Technician TomProTrader
Well, should mention the losers as well, :).. U know some ppl think that trading should have only winners..
+2 Reply
you've shorted a little bit too early.. now is the time to short it.. Shorted at 0,788.. Target I agree with you

Expecting downtrend continuation on daily :)
+1 Reply
Yes, i was wrong on this one, sometimes i dont care if a trade stopped out, cause that's normal as long i assess things the right way, but on this one, i admit that i was biased. There is a potential for a three-drive pattern now
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