2nd attempt to short GBPNZD .. the week of 09 Sep 2024
Updated
My 1st attempt had failed, perhaps partly due to incorrect identification of support/resistance.
Entry - approx. 2.1200 (deliberately late to be under the 20sma on H4 time frame)
Stop - above the recent high at 2.1330
1st target - 2.0900
Possible potential to take this down to 2.0600 region
(The outcome of this trade really depends heavily on the 2.1250 area holding as resistance).
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
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It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Entry - approx. 2.1200 (deliberately late to be under the 20sma on H4 time frame)
Stop - above the recent high at 2.1330
1st target - 2.0900
Possible potential to take this down to 2.0600 region
(The outcome of this trade really depends heavily on the 2.1250 area holding as resistance).
This is not a trade recommendation. You should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
Note
Just to emphasize what I already said - I am looking to enter when/if a H4 candle closes below the 20 sma.Order cancelled
The resistance at 2.125 area did not hold, thus this trade idea is cancelled.Trade active
PA was favourable again, so I have taken a position short.
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