NZDUSD - (SHORT) Bearish Bat & 1st Shot TCT

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
I just got short the NZDUSD             as we've created a pullback into previous structure support which should now act as resistance.

During our complex pullback the market was able to form a bearish advanced bat formation coming into our previous outside return which is what i used as my entry reason for this trade. (This is essentially the inverse of what I mentioned in yesterday's Forex market Preview video when looking at the USDCAD             )

Unlike some of the other trend continuation trades I've discussed in the past, i don't expect a high profit potential with this one due to the level of support that rests back down at the $0.70 level

Trade active: Currently Short at 7050
Trade closed: stop reached: Stopped out for -27
Clean set up, hope its a winner! Love the dual charts, makes it much easier to see the big picture
+1 Reply
Akil_Stokes PRO TheAlcoveFx
@TheAlcoveFx, Thanks man, didn't work out for me but I'll be looking for the next opportunity
thatokasongo Akil_Stokes
@Akil_Stokes, Observed some MACD divergence on the 4hr chart, do you think this could be evidence for a strong upside move?
+2 Reply
Akil_Stokes PRO thatokasongo
@thatokasongo, I don't personally use the MACD so I'm not the right person to address that question
KaQing Akil_Stokes
@Akil_Stokes, maybe at the retest of the trendline

+1 Reply
KaQing KaQing
@KaQing, the channel trendline I mean
Makolico KaQing
@KaQing, Very messy chart in my opinion. Will not be easier for your to make your analysis in a daily chart? Price action is a very powerful indicator.
KaQing Makolico
@Makolico, a creative brain needs a messy chart :) at least the lines mean something, I could also spam my chart with lagging indicators, that would make no sense.
@KaQing, could be
That' s a pity, with a 1 ATR SL I managed to hit target 1. Now just moved stop to break even.
+1 Reply
Akil_Stokes PRO FabianoGollo
@FabianoGollo, Well done, it was a near miss for me
hi akil,
that bat was looks perfect i took it and my Stop reached as well .
+1 Reply
@hoza_saad, Yup, it was a good trade, just didn't work in our favor this time
+2 Reply
+1 Reply
@vfisenko4, Thank you
Akil I have to confess that I totally lost my faith in advanced pattern. For the last few months I see over and over again how they fail. Back testing is easy but live, well that´s another story.
+1 Reply
@Makolico, Unfortunately backtesting & demo trading are completely different than live trading. If you've lost confidence then I would certainly recommend that you stop trading right away and take the rest of the year to reset and prepare yourself for 2017
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