This is my current short position on NZD
Reason i took this trade were...
CTS
1. Structure level taken from Daily time frame (Highlighted in yellow)
2. Pressing up into Trend Line resistance
3. Fib extension 1.27
4. Fib inversion 1.27
5. Fib Retracement 0.618
6. Fib Retracement 0.786
7. Pressing into over bought conditions
8. Divergence on RSI
My TP Target is a 0.382 Fib Retracement but have highlighted a potential secondary target if you were after a better risk reward profile as this trade is currently over a 1:1
SL Target is two ATR Readings which takes us above Trend Line resistance
Lets see how this one plays out!
Reason i took this trade were...
CTS
1. Structure level taken from Daily time frame (Highlighted in yellow)
2. Pressing up into Trend Line resistance
3. Fib extension 1.27
4. Fib inversion 1.27
5. Fib Retracement 0.618
6. Fib Retracement 0.786
7. Pressing into over bought conditions
8. Divergence on RSI
My TP Target is a 0.382 Fib Retracement but have highlighted a potential secondary target if you were after a better risk reward profile as this trade is currently over a 1:1
SL Target is two ATR Readings which takes us above Trend Line resistance
Lets see how this one plays out!