NZDUSD: Sell Opportunity (#2 Trade - 50 Trades Journal)

Our second setup comes from the NZDUSD. Looking at the hourly chart what we may see is that price bounced from a key resistance level (sliding parallel of median line, and after breaking below the short term uptrend is now in a correctio, pulling back. MACD bearish divergence adds to our analysis on going short.

Setup: Sell

Entry level: 0.69173
Stop-loss: 0.69525
Profit target: 0.68450

Risk/Reward: 2.05:1

Total account (units): 99
Risk 1 unit

Tradewith care,
John

DISCLAIMER: You are solely responsible for your trading. The possibility exists that you could sustain a loss in excess of your initial investment.

Ordre annulé:

We didn't get filled in this one, and the price dropped as expected. This trade is no more valid no matter what happens next. One unit returns to the initial capital.

Commentaire:

This was a great example on how important is to consider your trading decisions based on market structure. Since we didn't filled in our initial entry order and missed a drop to the down, structure changed and we cancelled the order. Price reached our stoploss when we we out of this trade..!

Trade safe at all times..!