Short NZDUSD on small breakout down - 1:3 Risk Reward
NZDUSD currently near the highs of the most recent swings. As marked on the shart rice broke out above a narrow range in last weeks trading, but failed and returned down - this is a strong indication of a coming reversal.
At this point we have broken down a bit from the trading range and most importantly formed a spike up - which puts the odds strongly in favor of a further break downwards.
With this setup a R:R of 1:3 is enabled. Target could be set less agressive, this is just one suggestion.
At this point we have broken down a bit from the trading range and most importantly formed a spike up - which puts the odds strongly in favor of a further break downwards.
With this setup a R:R of 1:3 is enabled. Target could be set less agressive, this is just one suggestion.
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.