NZDUSD 1 HOUR BREAK AND RETEST TRADE SETUP

Hi everyone:

Here is my view on NZDUSD SHORT, Any type of feedback is greatly appreciated it. Thank you

Trade: #5

Date: 11/30/2016

Time: 05:00 GMT

Forex Pair/Commodity: NZDUSD

Position: SHORT (SELL)

Reward/Risk: 3:1

Opportunity:

Monthly: could not break above the 50 EMA resistance area, high test, follow by bearish candle, then last month end with another high test
Daily: over extended run to the downside, hit horizontal support and resistance line @ 0.7000, Price action formed high test after pulled back to 0.382 fibs retracement on daily chart, ascending trend line and 50 EMA. MACD bearish
4 Hour: break down the support trend line, 20 EMA, forming a small bearish flag pattern
1 Hour: double tops, break down 20/50 EMA and support trend line, retest at main pivot point, and 50 EMA, MACD showed double tops

Looking to take this pair to daily horizontal support and resistance trend line of 0.7000 area.

Thank you for your support

Kommentera:

Kommentera:

Date: 12/01/2016
Time: 17:00 GMT

Now the trade has already make 1% profit, move my stop loss to break even @0.7100, still targeting the daily horizontal support and resistance line/area of 0.7000

Kommentera:

12/02/2016

Time: 04:00 GMT

Got stop out at BREAK EVEN price @ 0.7100, before the NFP results.

Kommentera: