Petr Suchanek

NZDUSD 4C pattern - short setup as a false break of prior highs

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
166 3 1
A very nice false breakout of the resistence, which is also the 61.8 Fibo retracement level of the downswing, has formed.
Any retracement back to the pivot level might be a very nice entry short with a long-term perspective.
I am having a limit sell order just below the pivot level, so I am speculating on a slight retest of the level and further drop.

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Ok, the pattern has been working out nicely. Since a significant drop off the topping consolidation took place, I would certainly cover a part of the initial position now @0.8250 and wait if it drops lower to my pre-defined target.
BradleyHa Petr Suchanek
Closed mine at .8253. Boom boom 75 pips. ^_^
Ok. The retest is here! I entered short @0.8325.
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