Reasons why I will open a short: — Long-trend is bearish. — 0,6628-0,6637 is key sell zone to open a Short (border of a channel) — Potential down move is 250 pips with low risk (30 pips) Risk/Reward — 1/8
Attention!!! I will open a Sell after confirmation (fake broke of key level) ONLY. I will write when to open a Sell (with entry & exit points) if this post will get 50 like.
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Price can start down move without a pullback to key sell zone 0,6628-0,6637. I will open a Sell if D1 will break down 0,65344 and close under it.
Great shorting idea on NZDUSD. The price drop after hitting the trend line and forming head & shoulder in lower time frame.
easyMarkets
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Great idea on NZDUSD and there may be bearish potential as you have identified. The 1st resistance that we have identified is at $0.6640 which is inbetween your sell zone. It is horizontal pullback resistance, 78.6% Fibonacci retracement , 61.8% and 100% Fibonacci extension. Stochastic is approaching its resistance at 94.846% where a corresponding bounce could occur. If a potential bounce does occur, we may want to look at $0.6505 support level. It is a horizontal overlap support and a 61.8% Fibonacci retracement. Looking forward to see how things develop.
Please have a look at our idea and we would like to hear your thoughts.
Great shorting idea on NZDUSD. The price drop after hitting the trend line and forming head & shoulder in lower time frame.