Hi everyone:
Here is my view on NZDUSD LONG any feedback is greatly appreciated it. Thank you
Trade: #13
Date: 12/23/2016
Time: 07:00 GMT
Forex Pair/Commodity: NZDUSD
Position: LONG (BUY)
Reward/Risk: 3:1
After an over extended run to the downside, price has formed a symmetrical triangle on the 1 HR
chart, potential reversal of the trend. Since daily chart is several days into its run, this is a
pullback trade to roughly 0.70000, strong horizontal resistance area for a 3:1 reward/risk ratio trade setup.
My Analysis:
Daily: Over extended run to the down side, formed some reversal candles like inverse hammer candles, pull back is needed to 0.7000 resistance area before continue its downtrend.
4 Hour: Formed double bottoms, rising MACD
1 Hour: Price has found short term support and formed a symmetrical triangle, ready to break to the upside
Here is my view on NZDUSD LONG any feedback is greatly appreciated it. Thank you
Trade: #13
Date: 12/23/2016
Time: 07:00 GMT
Forex Pair/Commodity: NZDUSD
Position: LONG (BUY)
Reward/Risk: 3:1
After an over extended run to the downside, price has formed a symmetrical triangle on the 1 HR
chart, potential reversal of the trend. Since daily chart is several days into its run, this is a
pullback trade to roughly 0.70000, strong horizontal resistance area for a 3:1 reward/risk ratio trade setup.
My Analysis:
Daily: Over extended run to the down side, formed some reversal candles like inverse hammer candles, pull back is needed to 0.7000 resistance area before continue its downtrend.
4 Hour: Formed double bottoms, rising MACD
1 Hour: Price has found short term support and formed a symmetrical triangle, ready to break to the upside
Note
Here is the DAILY chart:Trade closed: stop reached
Price broke out of the symmetrical triangle pattern, but fall down sharper right after in the New York session, taking us out @ 1% loss. Again, losses are part of FX Trading, it's simply inevitable. Journal down all trading related information, and move on to the next opportunity.Date: 12/23/2016
Time: 17:00 GMT
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.