jojofang0901
Short

NZDUSD 1 HOUR BREAK AND RETEST TRADE SETUP

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
172 0 11
Hi everyone:

Here is my view on NZDUSD             SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #5

Date: 11/30/2016

Time: 05:00 GMT            

Forex Pair/Commodity: NZDUSD            

Position: SHORT (SELL)

Reward/Risk: 3:1

Opportunity:

Monthly: could not break above the 50 EMA resistance area , high test, follow by bearish candle, then last month end with another high test
Daily: over extended run to the downside, hit horizontal support and resistance line @ 0.7000, Price action formed high test after pulled back to 0.382 fibs retracement on daily chart , ascending trend line and 50 EMA . MACD bearish
4 Hour: break down the support trend line , 20 EMA , forming a small bearish flag pattern
1 Hour: double tops, break down 20/50 EMA and support trend line , retest at main pivot point , and 50 EMA , MACD showed double tops

Looking to take this pair to daily horizontal support and resistance trend line of 0.7000 area.

Thank you for your support
Comment:
snapshot
Comment: Date: 12/01/2016
Time: 17:00 GMT

Now the trade has already make 1% profit, move my stop loss to break even @0.7100, still targeting the daily horizontal support and resistance line/area of 0.7000
Comment: 12/02/2016

Time: 04:00 GMT

Got stop out at BREAK EVEN price @ 0.7100, before the NFP results.
Comment:
snapshot
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