FX:EURNZD   Euro / New Zealand Dollar
Simple trend continuation short trade on EURNZD FX currency pair.

Price has been making lower highs on the 4hr for some time now. I am looking to take advantage of this and go short on the next rejection and lower high at the bearish trendline .

Fib 0.786 retracement level sits in that region as well.
1.66500 key level sits here and there is previous support/resistance in this area.

Stop Loss = Conservative 40 pips

Profit Target = Lower low and 1.6350 whole number

*** I will not enter until I see a nice 4hr rejection of the trendline & or Fib zone.
Trade active
using the 78% ass the stop loss is a good way to be protected in the operation!! im now backtesintg more and more the fibonacci!!
+1 Reply
@XEN_fx, Yeah man! Backtesting is key :)
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