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justinholtgrave

NZDCHF - (D) IN TREND BEARISH ENGULFING SETUP

Short
New Zealand Dollar / Swiss Franc (FOREXCOM:NZDCHF)  
justinholtgrave Updated   
FOREXCOM:NZDCHF   New Zealand Dollar / Swiss Franc
Support and Resistance Candlestick Analysis NZDCHF NZD chf Bearish Engulfing retracement short SELL
2
0
supportandresistance candlestick nzdchf nzd chf bearishengulfing retracement short sell
NZDCHF has formed a significant bearish engulfing on the daily time frame

Entry at the 50% retracement level has been perfectly rejected 3 times.

The bearish engulfing candle engulfed 5 previous candles.

The daily time frame bearish engulfing candle closed Wednesday.

SL set above engulfing candle high. TP set at 3X risk.

Trade closed: stop reached:
SL hit. To recover the loss, an opposing trade with a 1:2 risk to reward is a great idea.
snapshot

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