Note: NZD/USD follows our analysis last week. Congratulations to those who short this trade as per our analysis.
Overall, we remain bearish on this pair because of the potential "Extended Head & Shoulder" setup appeared.
Now, we have 2 trading plans for this pair: 1. Wait some little pullback to the support line at 0.698x level and bearish signal to short with right risk amount
2. Zoom into H4 or H1 chart to look for pullback to 20-EMA and bearish signal to short with little risk.
Overall, it is a high risk to reward trade!
交易开始
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NZD/USD pullback to the strong resistance line and moving down again. Time to short.
EP: 0.69563 SL: 0.70528 TP: 0.67019
交易开始
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NZD/USD is moving down now. We decided to reduce our risk exposure by moving SL to the resistance level at 0.69893.
Trade Safely :)
交易开始
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NZD/USD still moving down. We decided to move our SL to Breakeven level at 0.69563.
So, it is now a risk-free trade now. :)
交易手动结束
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We remain bearish on this pair. However, we decided to close the trade as we don't want carry weekend trade.
Thanks. Looks good, but 0.6930 support is looking tough to crack ATM. I suspect a fall to 0.6900 will open the gates to a drop to 0.6800.
YongLiang
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@DXFXPro, Nice to meet you!
Yup, agree, 0.69x might resist the fall. Overall the trend is still on the bearish side.
Probably as you suggested, we can wait some pullback and short again :)
marcusfx777
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@YongLiang, Im in on this, but just wondered why your saying this is high risk to reward? thanks!
YongLiang
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@Derby, Hi, Nice to meet you.
As you can see my EP, SL and TP.
My SL from EP is 96 pips and EP to my TP is 255 pips.
R/R = 255/96 = 2.66
Meaning to say that, if we lost, we lost 1%, but if we win, we can gain 2.66%
For me, a R/R ratio above 2 is quite decent :)