NZDUSD pin bar short opportunity

Price is trending down on this 4 hour chart, higher time frames also confirm trend. Price has recently retraced to a previous support area and also the 50% Fibonacci level. 8 and 21 moving averages also nicely spread with price being right in the middle of the buy zone between the moving averages. Bearish pin bar has formed indicating sellers may be taking control to continue the downtrend. Limit order is placed half way on the trigger candle, stop is placed will beyond resent support area and target placed at the next support area. I may exit trade early if price stalls at shown on the chart with the orange arrows. Risk to reward is 1:5

Kommentera:

I don't feel price will continue to break down to my extended target therefore I am adjusting my target to the first target as noted on my initial comments. Risk to reward is 1:2

Trade stängt manuellt:

Price seems to be ranging and is undecided. My initial reason for entering trade is no longer valid so manually closed trade at market. Small loss.