bas70seven
Short

USDNZD daily double top SHORT

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
70 2 1
Double top pattern, short on close below neckline.

I was already in a short trade, 50% closed on first target. Set the stoploss for the remaining 50% at 1st target and let it run.
Trade active: Moved stop loss to breakeven.
Trade active: The neckline is clearly broken on the 4HR chart, and the price tests a previous support area.

In about 3 hours USD high impact news could fuel the price to break the support area. On the other hand the price could pullback to the neckline so i adjusted my stop loss again, setting it up just above the neckline.
Trade closed manually
Looks like this was taken right out of the textbook!

If the neckline holds, it is an easy 4 points.

Let's see if if holds.

Good Luck!
Reply
bas70seven prtrading
Thanks! Right now the price on the 4HR is hovering around the neckline. I'll stay in this trade anyway; i moved my stop loss; momentum on the daily is still down. Maybe next weeks Chinese inflation data will fuel the short position.

If it does, yes, it's right from the textbook :-D
Reply
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