NZDUSD Short Setup

Feb 2, 2017

A potential short setup has occurred as price retests historical monthly support and resistance level at 0.73000. Look for a break below the short term uptrend phase line and a rejection of the 0.73000 level and upper trend line. Set stop loss a few pips (10-20) above previous high of 0.73500 and look for initial target of 0.71500 and second target of 0.7000.

Feb 15, 2017

Note

First target of 0.715000 pips reached. If you entered short after the daily candle closed below the trend line at 0.7262 then you'd have banked a tidy 162 pip profit in 4 days (minus the spread).

For target 2, close the position at 0.75000 and wait for a pull back, or just continue to hold your position for a hyper trade and place your stop loss at break even.

Mar 4, 2017

Trade closed: target reached

Hi guys,

As you can see from the chart, the second target of 0.70000 has been reached. Price found resistance at 0.71500, made a pullback, and continued toward 0.70000.

Another 150 pips added to the bank :)

This was the first trade I posted on TradingView a month ago, so I'm made up that it wend exactly the way I anticipated. Stay tuned for more simple and effective analysis.

Happy trading everyone,

AvidTrader