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MtxTrader
Feb 4, 2017 7:18 PM

NZDUSD 1h Short off Resistance Trendline Rejection Short

New Zealand Dollar/U.S. DollarFXCM

Description

On a shorter time frame, the signal to short based off the main daily setup is more easily identified.

We have here a symmetrical triangle formed at the top of an uptrend.

The resistance trendline has been confirmed with the 3 points, and the support trendline as well - with roughly 5.

The short from this setup on the 1h has a target of slightly above the support trendline, and a stop loss of approximately above the end of the yellow resistance zone.

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