Second Attempt at Shorting NZDUSD

12 août

I’m back at it with a second attempt to short NZDUSD, and here’s why this setup caught my attention.

Current Overview:
- 4-Hourly Chart:
i) Rising Channel: The pair is moving within a rising channel.
ii) RSI Divergence: This divergence signals a potential weakening of the uptrend, which adds confidence to the short setup.

Shorting Opportunity:
- 1-Hourly Chart:
i) Type 2 Bearish Shark Pattern: This pattern gave me a solid entry at 0.6029.

Strategy:
- 1st Target:
i) Extended to: 0.5992
ii) Why: The market reversed beyond the original 1st target, allowing me to extend it for better profit potential.

- 2nd Target: Keeping it open to adjust based on how the market moves.

Final Thoughts:
This setup combines a classic RSI divergence with a well-defined Bearish Shark Pattern, making it a compelling opportunity for a second short attempt. If you’re considering a similar trade, keep an eye on the targets and be ready to adapt as the market unfolds.

What’s your take on this setup? Have you noticed similar patterns in your trading? Share your thoughts and strategies below!

Happy trading, everyone! 🚀